InfoAnda - Asia naphtha spot mkt hits first premium in 5 mths

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Asia naphtha spot mkt hits first premium in 5 mths Reuters - 49 minutes ago By Angela Moon SEOUL, Dec 22 - The prompt-delivery naphtha market in Asia has flipped to a premium, the first since July, on strong demand from South Korean petrochemical firms, industry sources said on Monday. South Korea's YNCC had bought a first-half February arrival open-spec naphtha cargo at a premium of $2.00-$3.00 a tonne to Japan spot quotes. Earlier in the day, YNCC floated another tender to buy 2 naphtha cargoes of 25,000 tonnes each for the first-half of February. "There have been a lot of private deals recently by the Koreans after they raised operation rates," said a Western trader. South Korean petrochemical firms were seeking a total 750,000 tonnes of naphtha for February arrival as they increased rates to around 85 percent capacity in December, up from 70-75 percent in November. [ID:nSEO355434] Their cost-and-freight naphtha term deal talks were being delayed, adding pressure for the South Koreans to buy more prompt-delivery cargoes in the market. YNCC, the country's top ethylene maker, and LG Chem <051910.KS> have yet to begin talks on C&F naphtha term deals which have been postponed since November. South Korea's Honam Petrochemical <011170.KS> had renewed its C&F deal, but the duration was from March to December next year. [ID:nSEO295647] YNCC, Samsung Total Petrochemical and GS Caltex were the top three firms leading the buying spree in the spot market, traders said. "They are seeking around 10 cargoes each for February," said another trader. "Samsung Total has a number of C&F naphtha terms so they won't need as much, but other are facing low inventory for the first time in months." The spot market premium was at around $2.00-$3.00 a tonne to Japan spot quotes on buyers' side, while sellers were calling at around $5.00-$6.00 a tonne for open-spec naphtha as of last week's close. For related graph, click: NAF-TYO-DIF WEAK FUNDAMENTALS Despite the boost in the spot market, market players warn that fundamentals have not improved. "The situation is very volatile. The market is now seeing a boost due to instant demand from China ahead of Lunar New Year, but that's about it," said a regional seller. Asian naphtha's value against Brent crude, or cracks, is still at double-digit discounts, but demand for polymer from China in recent weeks has boosted sentiment, while export cuts from India have tightened supply in the market. Prompt-delivery naphtha cargoes fell as low as more than $40 per tonne discounts in October due to a slump in petrochemical demand amid bleak outlook for industrial activities. South Korean firms -- YNCC, Lotte Daesan Petrochemical Corp, Hanwha Petrochemical and Daelim Corp -- are to make final decisions on whether to accept or decline receiving naphtha from Saudi Aramco on a free-on-board basis by Dec. 23. Saudi Aramco, Asia's top naphtha supplier, sealed its first-half 2009 naphtha deal with some of its Asian buyers at a premium of $3.00-$5.00 a tonne to its price formula on a free-on-board basis. [ID:nSEO264151] (Reporting by Angela Moon; Editing by Keiron Henderson and Jonathan Hopfner) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Ireland unveils euro5.5 billion bank bailoutAP - 27 minutes ago Russian rouble weakens vs dlr/euro basketReuters - 30 minutes ago Asian markets lower amid bleak global economic outlookAFP - 32 minutes ago China says firms can reduce social security payments: state mediaAFP - 34 minutes ago Takeda starts Japan Phase III trials for obesity drugReuters - 35 minutes ago Most Popular – Business Viewed Global economy seen sinking into 'severe' 2009 recession: report Let poor eat caviar: Milan authorities New Year's hangover? Take two eels and call me in the morning Actress Jennifer Aniston appears naked in GQ magazine Putin warns against any attempt to destabilize Russia View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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