Naphtha in Asia gained on Thursday on firm demand from petrochemical companies, as per Reuters.
LG Chem bought an open-spec naphtha cargo for H1-October arrival at Daesan port at a premium of about US$2.50/ton to Japan quotes, and another for arrival in Yeosu at a premium of US$2/ton. This is sharply higher than the discount of US$1.50-2 for a H2-September arrival cargo. The market also found support from news that Mitsui is expected to restart its Chiba cracker that has been shut due to a problem with a power line, which cut off electricity supply from Tokyo Electric Power Co at 1:42 a.m. on Tuesday.
24-Aug-12 
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