Asia's naphtha crack fell to a five-month low of $53.43 a tonne, dragged down by fears of the fast-spreading coronavirus weighing on the global economy and in turn, hitting petrochemicals demand.
There were, however, many buyers snapping up April cargoes.
South Korea's Lotte Chemical bought the petrochemical feedstock for first-half April delivery to Yeosu and Daesan at premiums of about $11 and $12 a tonne to Japan quotes on a cost-and-freight (C&F) basis respectively.
This was similar to the levels Lotte had paid on Feb. 19 when premiums fell to around a five-month low for the petrochemical maker.
Malaysia's Titan, which is part of Lotte Chemical, also bought the light fuel this week at premiums in the high single digit a tonne level to Japan quotes on a C&F basis.
This was the lowest Titan had paid since August 2019, Reuters data showed.
Thailand's SCG paid premiums in the low teens level a tonne to Japan quotes on a C&F basis, industry sources said.
Taiwan's CPC and Formosa and China's CNOOC were also looking for naphtha, they added.
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