Naphtha price in Asia has risen to a three-session high of US$948.50/ton on Monday while margins reached their highest in about 10 days to US$123.50/ton on North Asian demand, as per Reuters. The market expects lower volumes of European naphtha in October.
Taiwan's Formosa could be in the market seeking heavy naphtha for H1-November delivery. South Korea's YNCC has bought 75,000 tons of open-spec naphtha for H1-November arrival at about US$10.50/ton above Japan quotes on a cost-and-freight (C&F) basis, the same as what rival Honam Petrochemical paid last week.
Amid firm demand from Europe, Asia, so far is to receive more than 350,000 tons of Western naphtha next month as opposed to 800,000 tons this month. The lower arbitrage cargoes will offset the higher Indian exports for next month, estimated at 750,000 tons vs 530,000 tons in September. These volumes will be absorbed quickly as petrochem plants are running at higher run rates.
25-Sep-12 
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