India to slash Feb naphtha exports to 500,000 tonnes

23 January 2013 02:25  [Source: ICIS news]

SINGAPORE (ICIS)--India will continue to export low volumes of naphtha in February, with the quantity estimated to be 500,000 tonnes for the month, traders said on Wednesday.

The volume is lower from January exports of 600,000 tonnes, they added.

The earlier estimates for January stood at 800,000 tonnes but the volumes fell further because of refinery maintenance works, traders said.

The low naphtha shipments have led to high premiums being fetched in a string of Indian export tenders, they added.

Open-spec first-half March contract rose to $977.50-980.50/tonne (€733-735/tonne) CFR (cost & freight) Japan on Wednesday morning, up by $4.50-5.50/tonne from Tuesday, ICIS data showed.

($1 = €0.75)

By: Felicia Loo

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