India’s Reliance sells 55,000 tonnes naphtha for late February

29 January 2014 11:22 Source:ICIS News

SINGAPORE (ICIS)--India’s Reliance Industries Ltd (RIL) has sold a spot naphtha cargo of 55,000 tonnes for loading in the last week of February, said a trader familiar with the deal on Wednesday.

Shell bought the cargo at a premium of $28-29/tonne to Middle East quotes FOB (free on board),  he said.

The premiums slid from a previous RIL sale owing to rising exports from India, other traders said.

Previously, RIL sold 55,000 tonnes of spot naphtha supply for loading on 15-20 February at a premium of $33/tonne to Middle East FOB quotes.

Separately, India’s naphtha exports are seen rising to 600,000-700,000 tonnes in February, up from around 600,000 tonnes in January.

By Felicia Loo