Formosa Petrochemical Corp. (6505) bought 500,000 to 600,000 metric tons of naphtha, said three traders who participate in the market, asking not to be identified because the information is confidential.
Taiwan’s only publicly traded refiner purchased open-specification naphtha at $3.50 a ton above Japan prices, full-range naphtha at a premium of about $5.50, and light naphtha at a premium of about $6.50 a ton, according to the people. The cargoes are for delivery to Mailiao from December 2013 to May 2014.
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