Asia Naphtha-S Korea Honam buys 50,000T for Aug
SINGAPORE, July 5 |
SINGAPORE, July 5 (Reuters) - South Korea's Honam Petrochemical Corp has bought a total of about 50,000 tonnes of naphtha for August arrival, reflecting healthy demand, traders said on Thursday.
South Korea's top ethylene maker bought 25,000 tonnes for first-half August arrival at Yeosu at $4.00 a tonne premium to Japan quotes on a cost-and-freight (C&F) basis, double what it had paid on July 2 for similar volumes for the same arrival period at the same port.
It bought another 25,000-tonne cargo but for second-half August arrival at Yeosu at $2.00 a tonne premium.
"The premiums come across as a little low as a more realistic number could have been $3.50 a tonne," said a trader.
But others said the premiums were also dependent on other factors such as freight rates and the position of the sellers as not all sellers have the same number of cargoes to sell. (Reporting by Seng Li Peng; editing by Jason Neely)
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