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Asia Naphtha-India Reliance sells Oct cargo slightly above $35/T

Monday, 1 Oct 2012 | 12:20 AM ET

SINGAPORE, Oct 1 (Reuters) - India's Reliance Industries has sold 50,000-55,000 tonnes of October naphtha at premiums slightly above $35 a tonne to Middle East quotes on a free-on-board (FOB) basis, reflecting a firm market, traders said on Monday.

India's Reliance sold the cargo for Oct. 25-30 loading from the port of Sikka late on Friday, although the buyer's identity was not immediately known.

It had previously sold 75,000 tonnes of naphtha for September loading to Cargill at slightly below $40 a tonne.

Traders said Reliance was aiming for similar premiums for the October cargo, but buyers were treading more cautiously.

Although supplies were still tight, there were also concerns about lost demand in Taiwan. Formosa had to reduce run rates at its 2.93 million tonnes per year (tpy) cracking complex to 80 percent of its capacity from full-tilt after a fire at a monoethylene glycol unit operated by its sister company Nan Ya Plastics.

(Reporting by Seng Li Peng; Editing by Joseph Radford)

((lipeng.seng@thomsonreuters.com)(+65 6870 3086)(Reuters Messaging: lipeng.seng.reuters.com@reuters.net))

Keywords: NAPHTHA INDIA/RELIANCE