December 22, 2017 / 4:12 AM / 6 months ago

Taiwan's Formosa buys naphtha; premiums down from 3-1/2 year high

* Taiwan’s Formosa bought naphtha at $9.50 to $10 a tonne above its own price formula on a cost-and-freight (C&F) basis, traders familiar with the matter said. * Formosa bought 200,000 to 250,000 tonnes of open-specification naphtha this week for first-half February arrival at Mailiao where it operates three crackers * The fresh premiums were lower versus the $11 to $12 a tonne premium Formosa paid on Dec. 13, which marked the highest level the petrochemical company had forked out since July 2014. * Traders expect a muted market next week due to year-end festive season. (Reporting by Seng Li Peng; Editing by Sunil Nair)

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