Open spec naphtha prices decline in Asia - Mar 16, 2010 [09:45]
Open spec naphtha bid prices on Monday for the 1st half of May were assessed lower at the USD 748/mt CFR Far East levels while the ask rate was at the USD 750/mt CFR Far East levels.
For the 2nd half of May bids were at the USD 742/mt CFR Far East levels while the ask rate was at the USD 744/mt CFR Far East mark. For the 1st half of June, bid prices were pegged at the USD 737/mt CFR Far East mark while the ask rate was assessed at the USD 739/mt CFR Far East levels.
A short while ago a polymerupdate team member spoke with a naphtha trader based in Singapore and asked him where the forward naphtha markets were pegged this morning.
The trader said, "forward naphtha prices opened lower today following a decline in crude oil prices on overnight. The forward naphtha market price indications for the 1st half of May were down at the USD 738/mt levels while for the 2nd half of May the forward naphtha market price indications were at the USD 732/mt levels.
For the 1st half of June the forward naphtha market price indications were at the USD 727/mt levels."
Naphtha sold by IOC at higher premium level - Mar 10, 2010 [16:20]
A domestic industry source informed a polymerupdate team member that two naphtha cargoes of 30,000 mt each have been sold by Indian Oil Corporation for a higher premium.
The source said, “one cargo has been sold by the company at a premium of USD 40-42/mt to the IOC formula for loading from Chennai. The second cargo was sold by the company at a premium of USD 32/mt to the IOC formula for loading from Kandla. Both the cargoes have been sold to Itochu and are set for loading over the second half of March.”
The source added, “in its last transaction, the company sold 30,000 mt of naphtha to Sempra at a premium of USD 16.88/mt to the IOC formula. The cargo is set for loading from Kandla over the first half of March.”