Naphtha prices in Asia fell to their lowest level in almost 20 months, as per Reuters, while margins hovered around a 7 month low amid deteriorating demand that weighed on sentiments.
Market estimates that Honam has bought two 25,000 ton naphtha cargoes for H1-July arrival at Yeosu and Daesan at premiums of US$3.50-4.50/ton to C&F Japan quotes. This was down 10 to 30 percent versus a previous purchase made on May 22.
In general, buyers were treading cautiously in view of the gloomy economic outlook.
India's HPCL sold 20,000-25,000 tons on Friday for June 16-18 lifting from Mumbai to Unipec at premiums of about US$11/ton to Middle East quotes on a FOB basis. Similar volumes were sold to Itochu on June 1 for July 3-5 loading from the same port at premiums of US$10.15/ton. ONGC sold 35,000 tons of naphtha for June 16-17 lifting from Hazira to Gunvor at about US$22/ton premium. MRPL had also sold 35,000 ton for June 26-28 loading from New Mangalore to Lukoil at premiums of about US$22/ton.
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