Asian naphtha margin rebounded from a three-session low to a three-session high of US$161/ton mid week, as buyers came forward to seek cargoes, as per Reuters.
Malaysia-based Titan was seeking naphtha for Feb. 16-28 arrival at Pasir Gudang, and is thought to have paid premium of US$10-11/ton to Japan quotes on a cost-and-freight (C&F) basis. Atleast two South Korean buyers are seeking H2-February cargoes. Additionally, Japan's Maruzen is thought to have bought around 25,000 tons of naphtha earlier this week for H1-February delivery at a premium near US$20/ton, C&F Japan.
Currently, exports from India for January are almost 600,000 tons, with refiners IOC, HMEL and HPCL having outstandingtenders to sell a total of 83,000 tons of the light fuel for late January loading. India's January exports were initially seen around 450,000 tons. India had exported a monthly average of around 650,000 tons of naphtha in 2013, with December volumes seen at around 610,000 tons.
09-Jan-14 
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