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Benchmark C+F Japan naphtha price surpasses $1,000/mt mark to 9-year high

  • Thursday, March 3, 2022
  • Source:ferro-alloys.com

  • Keywords:steel
[Fellow]Benchmark C+F Japan naphtha price surpasses $1,000/mt mark to 9-year high

【Ferro-alloys.com】The benchmark C+F Japan naphtha cargo assessment surpassed the $1,000/mt mark at the March 2 Asian close, hitting a more than nine-year high of $1,055.625/mt, data from S&P Global Commodity Insights showed, led by a jump in crude oil futures.

The assessment was last higher at $1,055.75/mt April 5, 2012, and has risen 43% from $738.125/mt since the start of the year, S&P Global data showed.

The strength in the market was reflected in the CFR Japan naphtha physical crack against front-month ICE Brent crude futures, as it skyrocketed to a record high of $222.825/mt at the Asian close March 2, S&P Global data dating back to Dec. 10, 2007, showed.

Crude oil futures climbed in the mid-morning Asian trade March 3 as the market shunned Russia's Urals crude amid expectations of international sanctions on the country's energy market.

International sanctions, which have largely focused on Russia's financial sector, have been expanded to include its energy sector, S&P Global Commodity Insights reported earlier.

The recent developments sparked a rise in crude prices, as ICE Brent crude futures rose $10.61/b day on day and $14.15/b week on week to $111.04/b at the 0830 GMT Asian market close March 2, boosting Asian naphtha prices.

Fundamentally, the naphtha market in Asia was supported by supply-side fundamentals on the back of limited Western arbitrage. Demand, however, was soft as olefin margins narrowed to unprofitable territory and the Asian reforming spread narrowed, weakening blendstock demand among gasoline producers.

The key CFR Northeast Asia ethylene to C+F Japan naphtha spread narrowed $157/mt week on week to $194.375/mt at the Asian close March 2, S&P Global data showed, well below the typical breakeven level of $300-$350/mt for non-integrated producers, sources said.

The slim margin is likely force steam crackers to reduce operation run rates, market sources said.

Further contributing to the weak demand was a declining reforming spread. The Singapore reforming spread, the difference between Singapore 92 RON gasoline and the Singapore naphtha derivative, narrowed 34%, or $4.45/b, on the week to $8.60/b at the Asian close March 2, S&P Global data showed.

The thin spread is likely to steer gasoline producers away from using naphtha as a blendstock, market sources said.

  • [Editor:zhaozihao]

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