Tuesday, April 19, 2011

Formosa buys over 90,000 tons of naphtha at higher premiums

In a move that reflects strong sentiment caused by tighter-than-expected supplies, Formosa has bought around 90,000-100,000 tons of naphtha at higher premiums, as per Reuters. Formosa is Asia’s numberr one naphtha buyer, and has bought the volumes for H2-May arrival at premiums of about US$6/ton to Japan spot quotes on a cost-and-freight (C&F) basis.

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