Naphtha prices in Asia peak to its highest in a week on Friday

Asia's naphtha price was around its highest in a week on Friday and cracks were at a three-week high as demand steadied amid tighter supplies due to a persistent lack of European imports. South Korea's Honam Petrochemical was seen seeking volumes for H2 October arrival, a day after LG Chem, Samsung Total and Japanese Idemitsu having bought up to a total of 125,000 tons for the same arrival period at premiums of US$4-8/ton to Japan spot quotes on a cost-and-freight (C&F) basis. Honam is shutting its 1 mln tpa cracker in Daesan for a planned 30-day maintenance staring around Oct. 10. In Japan, Sumitomo Chemical Co started maintenance work at its 380,000 tpa cracker on Thursday and this will last until Oct. 17. The price for front-month H1-November open spec naphtha was US$984/ton.
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