Premiums on naphtha begin to dip in Asia

Naphtha demand in Asia peaked about two months ago, and has plateaued since. Prices have come under pressure from increased supplies due to higher refinery run rates in Japan, a weak gasoline market, influx of cargoes from India as well as huge arbitrage cargoes from Europe. There is a dearth of sellers offers as few of them anticipate a further bullish trend. LG Chem has paid a premium of US$17.50/ton C&F to Japan quotes. The South Korean major has bought three cargoes of naphtha for H2 January on the spot markets. Taiwan’s Formosa Petrochemical bought 150,000 tons of naphtha for H2-January at a premium of US$11/tom to Japan spot quotes, C&F.
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