Titan seeks naptha term cargoes
SINGAPORE: Malaysia-based Lotte Chemical Titan is seeking up to 120,000 tonnes of full-range naphtha for October 2013 to September 2014 arrival at Pasir Gudang as one of its existing contracts expires this month, traders said on Wednesday.
The tender comes as Asia’s top importer Formosa is also in the market negotiating a six-month term deal with sellers.
Titan, owned by South Korea’s top ethylene maker Lotte Chemical, is seeking the cargoes through a tender which closes on September 20, with offers to stay valid until September 25.
Its October 2012 to September 2013 contract consists of 200,000 tonnes of full-range naphtha, inked previously at a premium of about US$2 a tonne to Japan quotes on a cost-and-freight (C&F) basis.
The formula is pegged to a 45-day pricing method.
It had also signed a deal in June to buy 200,000 tonnes of the full-range grade for July 2013 to June 2014 arrival at a premium of 50 cents a premium, also pegged to a 45-day pricing formula on a C&F basis. -- Reuters