India’s HPCL sells 25,000 tonnes naphtha at $3.50–5/t discount

13 July 2010 07:46  [Source: ICIS news]

SINGAPORE (ICIS news)--India’s Hindustan Petroleum Corp (HPCL) has sold 25,000 tonnes of paraffinic naphtha in a tender to Japan's trading firm ITOCHU Corp for loading on 14–15 July at a wide discount, reflecting the market doldrums, traders said on Tuesday.

The cargo was awarded at $3.50–5.00/tonne (€2.77–3.95/tonne) below Middle East quotes FOB (free on board), they said.

By mid-day Tuesday, the Asian naphtha inter-month spread widened to a steep contango of $7/tonne in the face of a supply deluge, ICIS data showed.

($1 = €0.79)

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By: Felicia Loo

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