Naphtha crack in Asia rose to two-week high

Naphtha crack in Asia rose to a two week high of US$59.7 per ton in the middle of the previous week amid persistently high naphtha stockpiles, as per Reuters. South Korea's YNCC bought between 500,000 and 600,000 tons of naphtha for July 2016 to June 2017 delivery at US$4.75/ton below Japan quotes on a cost-and-freight (C&F) basis, the lowest term price the petrochemical maker has paid since at least 2010, according to Reuters data. It has also bought 25,000 to 50,000 tons of the raw material for plastics from the spot market for H2-June delivery at a discount of US$5.50/ton. The price levels however could not be confirmed as buyers and sellers do not comment on their deals and operations. Rival KPIC was also in the market seeking naphtha. These purchases came a day after LG Chem had on Wednesday bought a total of 100,000 tons of naphtha for H2-June delivery to Yeosu and Dasean.
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