26 March 2013 02:44 [Source: ICIS news]
SINGAPORE (ICIS)--India’s refiners will reduce naphtha exports to 650,000-700,000 tonnes in April, down from an estimated volume of 750,000 tonnes shipped out in March, traders said on Tuesday.
The March volumes climbed up to 750,000 tonnes from an initial estimate of 600,000 tonnes, because higher premiums and the end of the fiscal year prompted the Indian refiners to offload more cargoes in the market, they added.
“Now that the premiums are coming off, there is no point to force the [naphtha] barrels out. Cracking per barrel wise, the middle and heavy cuts makes better money than naphtha,” said one trader, referring to gasoil and jet-kerosene, and heavy residual fuel oil.
Open-spec first-half May contract dropped by 50 cents (€0.40) on 26 March morning to $933.50-936.50/tonne CFR (cost & freight) Japan, ICIS data showed.
($1 = €0.78)
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