Samsung Total seeks naphtha for August 2011-June 2012 delivery at end of current term contract

Samsung Total Petrochemicals is seeking naphtha for August 2011 to June 2012 delivery as its current term contract is about to end, as per Reuters. The grade sought is open-spec naphtha with a maximum mercury content of 10 parts per million (ppm) in a tender which closes on June 10. In its current contract from September 2010 to August 2011, Samsung Total has about 600,000 tons of naphtha at US$4/ton discount to Japan spot quotes on a cost-and-freight (C&F) basis. The South Korean petrochemical maker could expect to buy at discounts for the new contract in a weak Asian market. Naphtha sentiment has slumped since May 12 after Asia's top naphtha buyer Formosa shut a cracker following a fire at its pipeline. The weak market will be favourable to buyers, as inter-month spreads (indication of how much buyers will pay for spot cargoes) flipped into a discount for the first time in 7-1/2 months on May 31.
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