Transactions in Asia naphtha market were sluggish on Wednesday, December 26, under the influence of holiday atmosphere. Buyers preferred staying on sidelines, waiting for confirmed news regarding the closure of Mitsui Chemicals 476,000 tons naphtha cracker.
It is learnt that this cracker of Mitsubishi Chemicals was closed after a fire last Friday, but the exact time for closure was uncertain. If the closure duration would last at least three or four months, the company would provide the market with about 120,000 tons of naphtha every month.
On December 26, naphtha market price of Japan benchmark open specifications for first half of February rose 12 cents from last week to US $871-872 per ton. Naphtha for first half and second half of February is maintained at over $3.50 per ton.
Spot market had two transactions concluded, with bid prices at $865 per ton and $861.50 per ton for first half of March. The buyer was Itochu Company, and sellers were Shell and Sietco Company, each traded for 50,000 tons.
Fibre2fashion, News Desk - China
marketing@alchempro.com
