Asia's naphtha crack recovered marginally from a 3 week low to record a three-session high of US$60.28/ton on Thursday but sellers remain under pressure from excess supplies, as per Reuters. Lotte Chemical bought a naphtha cargo for H2-April delivery at a discount of US$5-6/ton to Japan quotes on a cost-and-freight (C&F) basis, making this the lowest price for cargoes delivering to South Korea in a month.
"Judging from the current fundamentals, it will be quite tough for spot prices to turn positive anytime soon. Supply is just too much," said a Singapore-based trader. Malaysia-based Titan has also bought a H2-April naphtha cargo, traders said, estimating the discount to be at levels of US$7-9/ton to Japan quotes on a C&F basis.
Neither of the spot deal prices could be directly confirmed as buyers do not reveal their trades.
07-Mar-16 
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