Strong naphtha demand from end-users persists in Asia

Naphtha demand from end users continues to be strong in Asia. South Korea’s Honam Petrochemical has procured 100,000 tons of spot naphtha for delivery in H2-December at a premium of US$6/ton to Japan quotes CFR, as per ICIS. The hike in naphtha prices paused last week on news that Formosa Petrochemical could delay delivery of 100,000-120,000 tons of naphtha to January from December, due to delayed start up of its 1.03 mln tpa No 2 naphtha cracker in Mailiao after a regular turnaround. China's recent oil supply crunch caused by ramp up of diesel output by domestic refineries has prompted trading firm Unipec to buy 150,000 tons of spot naphtha for delivery in H1-December.
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