Chemicals Updates

Asia and Middle Eastern Naphtha Daily Market Analysis / SCC to halt operations at Long Son Petrochemicals in Vietnam / Japan’s steam cracker runs hit record low of 68.6% in March

May 20, 2026

The Asian naphtha market backwardation firmed April 23 amid uncertainty over US-Iran peace talks. Tensions rose in the Middle East after Iranian forces attacked three containerships around the Strait of Hormuz April 22, even as US President Donald Trump extended a ceasefire with Iran but maintained a blockade on Iranian trade. Brokers pegged the front-month May-June Mean of Japan swaps time spread at $77/metric ton in midafternoon Asia trading April 23, up $13.50/mt from the previous Asia close. The market was bullish following Iranian attacks on ships near the Hormuz, while fundamentals were dull with muted demand and steady supply from arbitrage volume arrivals, participants said. Demand from Southeast Asia seems quiet, maybe only South Korea and Taiwan are buying, said an Asiabased market source. In other news, Thailand’s Siam...

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