Naphtha price at two session low amid lower crude

24-Dec-12

The Asian naphtha price ended the week at a two-session low of US$958.50/ton, pressured by lower Brent crude, but its margin recovered by 2.31% to a three-session high of US$137.48/ton on robust demand. China imported nearly 461,000 tons of naphtha in November, more than double its October intake, and making November numbers likely the highest it has ever imported. South Korea's top ethylene producer Honam Petrochemical bought around 100,000 tons of naphtha for H1-February delivery at premiums of about US$16-16.50/ton to Japan quotes on a cost-and-freight (C&F) basis. LG Chem on the other hand has bought two 25,000 ton cargoes for H1-February delivery to Yeosu and 25,000 tons for the same period delivery to Daesan at premiums of about US$15.50-16/ton to Japan quotes on a C&F basis. The premiums were largely unchanged from what YNCC had paid on Thursday.