Naphtha price in Asia at 2 week highs, margins inch up

08-Nov-12
Asian naphtha price extended gains to reach a two-week high of US$969.50/ton on Wednesday while margins inched up to a two-session high of US$140.60/ton on demand and with supplies being persistently squeezed, as pr Reuters. South Korea's Honam Petrochemical bought around 50,000 tonnes of open-spec naphtha for first-half December delivery to Yeosu and Daesan at hefty premiumsof $22.50 to $23.00 a tonne to Japan quotes on a cost-and-freight basis. Though large volumes of Western naphtha is on its way to Asia next month, the portion of open-spec grade is limited just like this month. However, few traders maintain their views that the market could soften ahead.
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