Naphtha prices in Asia continue at a 10 month high

Asia's naphtha price continued near a 10-month high, on Wednesday, while cracks recovered to a five-session high on firm demand, as per Reuters. Asia's No. 1 naphtha buyer Formosa, seeking H1-April cargoes, is believed to have concluded a deal at premiums above US$19/ton to Japan quotes on a cost-and-freight (C&F) basis. This is the third time this month that Formosa has came forward to seek cargoes. Its 2.93 mln tpa cracking complex is running at 90% capacity, while its 540,000 bpd refinery is operating at about 83% capacity. This bullish market has currently driven some South Korean buyers to the sidelines. The price for open spec naphtha for H1-April rose by 18 dollars to US$1078/ton, its highest since April 29 2011. Naphtha cracks inched up to US$165/ton premium.
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