India's MRPL sells third July naphtha lot at a premium of $14/tonne

25 June 2012 08:28  [Source: ICIS news]

SINGAPORE (ICIS)--India-based Mangalore Refinery and Petrochemicals Ltd (MRPL) sold by tender its naphtha parcel for 18-20 July loading, at a premium on par with its sales done for mid-July loading, traders said on Monday.

The 35,000-tonne naphtha cargo – the third lot for July loading, which was offered on 19 June, was sold late on 22 June to a European trading house – Gunvor at a premium of $14.00/tonne (€11/tonne) to FOB (free on board) Middle East quotes.

“Premiums have been rather steady, despite Formosa outage,” a Singapore-based trader said.

“Market is realising the lack of arbitrage cargoes from Europe coming into Asia in August as a result of the refinery cuts [in Europe],” the source said. “This gave some support to the [buying] sentiment,” he added.

($1 = €0.80)

By: Ong Sheau Ling
+65 6780 4359

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