SINGAPORE, Feb 23 (Reuters) - South Korea's Honam and Malaysia's Titan snapped up a total of 100,000 tonnes of naphtha for first-half April arrival, shortly after Taiwan's Formosa scooped up similar volumes signaling healthy demand in Asia, traders said on Thursday.
Honam Petrochemical bought two cargoes averaging 25,000 tonnes each for Yeosu arrival and one cargo for Daesan arrival at premiums of $16.00-$18.00 a tonne to Japan spot quotes on a cost-and-freight (C&F) basis, based on a 45-day price formula for open-spec grade.
This reflected a 45-50 percent hike in premiums compared to what Honam had paid on Feb. 13 for two first-half April cargoes.
Malaysia's Titan bought a 30,000-tonne full-range cargo for first-half April arrival at premiums of $20.00 a tonne to Japan quotes on a C&F basis, pegged to a 30-day price formula.
Taiwan's Formosa Petrochemical Corp has bought around 100,000 tonnes of open-spec naphtha for first-half April arrival at premiums ranging from $14.00-$20.00 a tonne. (Reporting by Seng Li Peng, Editing by Jonathan Thatcher)
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