Asia's benchmark naphtha price broke through the $1K/mt barrier on April 6 and closed at a 31-month high of $1,022.63/mt, according to Platts data. The Mean of Platts Japan naphtha jumped as refinery maintenance has limited shipments from the Middle East and firm demand from the US has reduced inflows from the West. However, traders noted that the price hikes are due in part to higher crude costs, which are pressuring down crack spreads, as downed cracker capacity has capped naphtha consumption. "The petrochemicals sector is crying," a Japanese trader said. "It is hard to justify prices at these levels because of the cracker maintenance in North Asia over April and May."
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