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Titan seeks up to 130,000 tonnes naphtha
by hlk Mon 20 May 2013, 20:36
SINGAPORE: Malaysia-based Lotte Chemical Titan, a unit of South Korea's
top ethylene maker Lotte Chemical, is seeking up to 130,000 tonnes of
naphtha for July 2013 to June 2014 delivery, traders said on Monday.
The
volumes are lower than the 200,000 tonnes of full-range naphtha it
bought last year for October 2012 to September 2013 delivery at about
US$2 a tonne premium to Japan quotes on a cost-and-freight (CandF)
basis.
The tender is coming at a time when spot naphtha
premiums for June cargoes have fallen sharply from about three months
ago when tight supply due to refinery maintenance and strong demand had
pushed up prices to record-high levels.
High volumes of western
naphtha coming to Asia, seasonal peak refinery maintenance coming to an
end in the East and the availability of alternative feedstock liquefied
petroleum gas (LPG) have helped bring naphtha spot premiums down.
Titan's
tender stated that it needs a cargo of 25,000 to 32,500 tonnes naphtha
every quarter for arrival at Pasir Gudang during the one-year period.
The tender closes on May 23, with offers to stay valid until May 31.--
Reuters
top ethylene maker Lotte Chemical, is seeking up to 130,000 tonnes of
naphtha for July 2013 to June 2014 delivery, traders said on Monday.
The
volumes are lower than the 200,000 tonnes of full-range naphtha it
bought last year for October 2012 to September 2013 delivery at about
US$2 a tonne premium to Japan quotes on a cost-and-freight (CandF)
basis.
The tender is coming at a time when spot naphtha
premiums for June cargoes have fallen sharply from about three months
ago when tight supply due to refinery maintenance and strong demand had
pushed up prices to record-high levels.
High volumes of western
naphtha coming to Asia, seasonal peak refinery maintenance coming to an
end in the East and the availability of alternative feedstock liquefied
petroleum gas (LPG) have helped bring naphtha spot premiums down.
Titan's
tender stated that it needs a cargo of 25,000 to 32,500 tonnes naphtha
every quarter for arrival at Pasir Gudang during the one-year period.
The tender closes on May 23, with offers to stay valid until May 31.--
Reuters
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