South Korea's Lotte Chemical Corp has signed a one-year naphtha deal with sellers at about $1.50 a tonne above Japan quotes cost and freight (C&F), at least four times cheaper than a contract expiring in June.

Lotte Chemical's existing contract for up to 900,000 tonnes of naphtha scheduled for delivery between July 2018 and June 2019 was signed in late May last year at a premium of $6-$7 a tonne.

The new deal is for August 2019 to July 2020. REUTERS