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Increased supply from Honam causes C2 prices to fall. But C3 prices rise on tight supply. Ammonia also strengthens on robust demand
Naphtha: The MoPJ surged to US$292/tonne cfr Japan, up US$13.50/tonne from the previous week, on strengthening crude values. The surge prompted cracker operators to mull possible cuts in operating rates, traders said.
Brent crude rose to US$30.78/bbl, from US$29.03/bbl the previous week.
Early in the week, a deal for a first-half December cargo was settled at US$293/tonne cfr Japan, and that for a second-half December cargo at US$292/tonne cfr Japan.
However, by the middle of the week, traders were seeking to sell cargoes at a premium of US$2-3/tonne over the MoPJ.
Ethylene: A South Korean producer reported that it had sold two...