YNCC has bought two H1-September naphtha cargoes at below US$9/ton above Japan quotes on a cost-and-freight (C&F) basis, reflecting at least 40% plunge in prices compared with its recent purchases, as per traders in Reuters. The South Korean petrochemical company bought the cargoes totalling up to 60,000 tons at a time when tight supplies were easing as traders with cargoes were seen rushing to sell. Some traders had estimated the premiums to be around US$8.5/ton, but this could not be confirmed.
YNCC had on July 14, bought up to 90,000 tons for H2-August delivery at US$15-16/ton, the highest spot premium seen in South Korea since May 28, according to Reuters data.That was a period marked by a supply crunch caused by peak gasoline demand, and a string of refinery maintenance and outages in India had hit its naphtha exports.
31-Jul-14 
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