Naphtha prices fall below $450/ton threshold in Asia, Europe
Spot naphtha prices in Asia declined around $20-25/ton week over week to be currently quoted at around $445/ton CFR Japan. According to ChemOrbis Price Wizard, naphtha prices are now at their lowest level since mid-May 2009.
Sources reported that in addition to sufficient supply levels in the region, additional cargoes from the West are exerting downward pressure on naphtha prices. Moreover, demand is said to be not very strong as crackers have sufficient naphtha stocks.
Meanwhile, spot naphtha prices in Europe are approaching the $400/ton threshold. Prices declined approximately $10/ton week over week to be currently quoted at around $405-410/ton on a CIF ARA basis, the lowest level since late April 2009 on a weekly average basis.
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