Asian naphtha margin slipped to a four-session low of US$145.35/ton on Monday, as spot demand from North Asia tapered off after brisk purchases last week, as per Reuters.
However, the Philippines' JG Summit Petrochemical Corp, a unit of JG Summit Holdings Inc, is looking to import its second naphtha cargo ahead of its steam cracker starting up around middle of March. The petrochemical firm is looking to buy around 30,000 tons of naphtha for H1-March arrival through a tender due to be awarded on January 28, same day that Taiwan's CPC is also expected to award a tender to buy full-range and heavy naphtha for February 26 to March 20 arrival at Kaohsiung. "Sentiment has been volatile. But in general, the market seems supported," said a Singapore-based trader. High prices of alternative feedstock liquefied petroleum gas (LPG) continued to prevent Asian petrochemical makers from reducing their reliance on naphtha. India's MRPL has sold 35,000 tons of naphtha for February 26-28 loading from New Mangalore to Japan's Marubeni at around US$36.50/ton above Middle East quotes on a free-on-board (FOB) basis. The premium was higher compared with the US$35/ton MRPL got in a recent sale to Unipec for a cargo loading on February 16-18. ONGC offered 35,000 tons of naphtha for February 22-23 loading from Hazira after it cancelled a tender to sell a cargo for February 18-19 following production problems on January 24.
29-Jan-14 
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