Naphtha price in Asia rose to a two-week high of US$951.50/ton on Monday while its margin surged 15.37% to US$140.90/ton, the highest since Tuesday last week, amid demand from Taiwan and higher prices for the alternative, liquefied petroleum gas (LPG), as per Reuters.
Formosa Petrochemical Corp, Asia's top naphtha buyer, issued a purchase tender for naphtha arriving at Mailiao on Jan. 21 to Feb. 5. The tender is expected to be awarded on Wednesday. Limited Western exports to Asia and Formosa’s buying spree has lent support to the market.
Taiwan's Formosa had previously bought around 100,000-120,000 tons of naphtha for H2-December arrival at premiums of about US$14/ton to Japan quotes on a cost-and-freight (C&F) basis. South Korea's Honam Petrochemical bought 75,000 tons for H2-January arrival at Yeosu and Daesan ports at a premium of US$14/ton to Japan quotes on a cost-and-freight (C&F) basis.
19-Dec-12 
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