Naphtha margins in Asia at four month highs

03-Sep-12
Asian naphtha stood at a four-session high of US$986/ton on Friday, as margins hit a four-month high of US$136.70/ton amid strong deman, as per Reuters. South Korea's LG Chem bought 25,000 tons of naphtha for H2-October arrival at Yeosu at premiums of US$9.50/ton to Japan quotes on a cost-and-freight (C&F), as compared to a discount of US$1.50-2/ton paid 10 days ago for 50,000 tons of naphtha for H2-September arrival. The market has witnessed a turnaround with lower Indian exports, limited supplies from Europe and good demand from South Korea. Few buyers from Some South Korean buyers may not have completed H1-October purchases, and are mulling to buy part cargoes of less than 25,000 tons for H2-September delivery. Saudi Aramco may have one or two more cargoes for sale for September loading after having sold about 200,000 tons so far, as compared to its spot sales of up to 600,000 tons for July loading.
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