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Asia Naphtha-S Korea's Honam buys 75,000T for Nov

Wednesday, 10 Oct 2012 | 5:29 AM ET

SINGAPORE, Oct 10 (Reuters) - Honam Petrochemical Corp has bought 75,000 tonnes of naphtha at about $13 to $14 a tonne above Japan quotes on a cost-and-freight (C&F) basis, the highest premiums paid in South Korea in about 3-1/2 weeks, traders said on Wednesday.

The three 25,000-tonne cargoes will be delivered in November to Daesan, where Honam operates a 1 million tonnes per year (tpy) cracker.

It operates another 1 million tpy cracker in Yeosu, making it the largest ethylene operator in South Korea.

Traders added that Honam's tender was to purchase second-half November cargoes, although it was also in need of first-half November imports.

Honam is the second naphtha buyer in South Korea this week to buy November cargoes through a tender after last week's muted demand.

(Reporting by Seng Li Peng, Editing by Clarence Fernandez)

((lipeng.seng@thomsonreuters.com)(+65 6870 3086)(Reuters Messaging: lipeng.seng.reuters.com@reuters.net))

Keywords: NAPHTHA S KOREA/HONAM