SINGAPORE, Aug 27 (Reuters) - South Korea’s LG Chem and Samsung Total have bought a total of 100,000 tonnes of October naphtha at about $8 a tonne above Japan spot quotes on a cost-and-freight (C&F) basis, traders said on Monday, a sharp jump from previous prices.
The price-hike comes on expectations of low Indian exports next month and limited arrivals from Europe in October.
“Buyers are now looking for more cargoes. The market is changing very rapidly,” said a trader in north Asia.
LG Chem has bought 50,000 tonnes of naphtha for first-half October arrival, with premiums in sharp contrast to the discount of $1.50 to $2.00 a tonne it paid on Aug. 21 for second-half September naphtha.
Samsung Total has also bought 50,000 tonnes of naphtha for first-half October arrival, after skipping buying naphtha for September arrival through tenders.
Reporting by Seng Li Peng; Editing by Joseph Radford