India’s HPCL sells 30,000t naphtha at $20/t premium

18 August 2010 04:45  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Hindustan Petroleum Corp (HPCL) has sold by tender 30,000 tonnes of naphtha for loading in late August, traders said on Wednesday.

The cargo fetched a premium of $20/tonne (€15.60/tonne) to Middle East quotes FOB (free on board), for loading from Visakhapatnam in Andhra Pradesh, on 25–31 August, according to the traders.

HPCL last sold 25,000 tonnes of naphtha at a discount of $3.50–5.00/tonne to Middle East quotes FOB for loading on 14–15 July. 

Prices surged on the back of rising demand for the petrochemical feedstock, as most crackers in Asia were currently operating at full rates, said traders.

Ethylene prices were valued at $920–950/tonne CFR (cost & freight) northeast Asia on 17 August, up from $830–850/tonne in the same month-ago period, ICIS data showed.

($1 = €0.78)

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By: Felicia Loo

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