Asia Naphtha-India's Reliance sells heavy naphtha
SINGAPORE, Oct 12 (Reuters) - India's Reliance Industries
has sold a heavy naphtha cargo for October to Itochu, traders said on Friday, bringing the country's total exports this month to nearly 870,000 tonnes, the highest seen this year.
But the high volumes did not tame the heated naphtha market as traders were likely competing for spot cargoes to cover their positions.
Itochu paid close to $50 a tonne premium to Middle East quotes on a free-on-board (FOB) basis for the 25,000-tonne heavy naphtha cargo for Oct. 21-25 loading.
It was unclear when the deal was transacted.
The average premiums for paraffinic grade naphtha for October loading from India were in the $30s a tonne level.
But traders said tighter supplies of heavy naphtha made the grade costlier.
Thailand's IRPC Pcl is in talks to sell a spot heavy naphtha cargo for second-half November loading and could be eyeing more than $55 a tonne premium to Japan quotes on an FOB basis.
(Reporting by Seng Li Peng; Editing by Jijo Jacob)
Keywords: NAPHTHA INDIA/RELIANCE