India’s MRPL sells 35,000 tonnes naphtha at higher prices

SINGAPORE (ICIS)--India’s Mangalore Refinery and Petrochemicals Ltd (MRPL) has sold by tender 35,000 tonnes of naphtha to Japanese trading firm Itochu for loading in the second half of September, traders said on Friday.

The cargo fetched a premium of $10-12/tonne to Middle East quotes FOB (free on board) for loading from New Mangalore port on the west coast on 22-24 September, they said.

Prices climbed higher from MPRL’s previous tender. The company sold a similar-sized cargo at a premium of $1-2/tonne to Middle East quotes FOB.

Regional naphtha prices could bottom out as Taiwan’s Formosa Petrochemical Corp was re-emerging as a regular buyer of the petrochemical feedstock.

($1 = €0.78)