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 exportsthis month to nearly 870,000 tonnes, the highest seen this year.
But the high volumes did not tame the heated naphtha marketas traders were likely competing for spot cargoes to cover theirpositions.
Itochu paid close to $50 a tonne premium to Middle Eastquotes on a free-on-board (FOB) basis for the 25,000-tonne heavynaphtha cargo for Oct. 21-25 loading.
It was unclear when the deal was transacted.
The average premiums for paraffinic grade naphtha forOctober loading from India were in the $30s a tonne level.
But traders said tighter supplies of heavy naphtha made thegrade costlier.
Thailand's IRPC Pcl is in talks to sell a spotheavy naphtha cargo for second-half November loading and couldbe eyeing more than $55 a tonne premium to Japan quotes on anFOB basis.
(Reporting by Seng Li Peng; Editing by Jijo Jacob)
Keywords: NAPHTHA INDIA/RELIANCE