Monday, October 22, 2007

Formosa resumes buying in spot market after three months

Taiwans's Formosa Petrochemical Corp has returned to the spot market after a three-month absence due to maintenance shutdowns. Formosa's return is marked with the purchase of 75,000 tons of naphtha for H2-December, sourced from an undisclosed seller at a discount of around US$5 a ton to Japan spot quotes. At this price, Formosa's purchase is steeper than its last purchase of H1-August delivery parcel at minus $2.00-$2.50, on a cost and freight basis.

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