Naphtha prices fall below $500/ton threshold in Asia, Europe
Spot naphtha prices in Asia declined around $60/ton week over week to be currently quoted at around $490/ton CFR Japan. According to ChemOrbis Price Wizard, naphtha prices on a weekly average basis are now at their lowest level since early February.
Sources reported that in addition to sufficient supply levels in the region, additional cargoes from the Middle East, India and 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 also fell below the $500/ton threshold within the last week. Prices declined approximately $55/ton week over week to be currently quoted at around $460/ton on a CIF ARA basis, the lowest level since February 2 on a weekly average basis.
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