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Indian naphtha producers command good premium
24
Dec '09
Asian naphtha prices closed lower on Wednesday. Enquiries from downstream users for spot naphtha slowed down due to public holidays in Japan. However, some traders still expect that buyers will return to the market next week after Christmas holidays.

Deals made by Indian companies like Oil and Natural Gas Corporation (ONGC), Bharat Petroleum (BP) and Indian Oil Corporation (IOC) showed that premium commanded by Indian naphtha was still at the highest level this year.

Oil and Natural Gas Corporation sold 35,000 tons of naphtha cargo for shipment on January 15-16 and to be loaded at Hazira. The price was close to a premium of US $50 per ton (FOB) over offers from the Middle East.

Bharat Petroleum sold 30,000 tons of low aromatic naphtha to Daelim Corporation at a premium of $43 per ton (FOB), for shipment between January 16-20 and it sold one more consignment of 30,000 tons of low aromatics naphtha cargo to Itochu Corporation at a premium of $41.50 per ton (FOB), for shipment between January 27 and 31.

Indian Oil Corporation sold three consignments; 35,000 tons, 30,500 tons and 30,000 tons of naphtha to be loaded between January 20 and 25 from various ports across India. The buyer of all these consignments was Itochu Corporation, which paid a premium of $40-47 per ton over and above the pricing formula of Indian Oil Corporation.

Hindustan Petroleum released a tender for selling 25,000 of naphtha cargo for shipment between January 24 and 26, to be loaded in Mumbai. The tender will close on Thursday and tender bids are valid for the same day and it is expected that, buyer's bids may be slightly higher due to strong demand in Northeast Asia.

In the spot market, Cargill sold Shell a naphtha cargo for shipment in the second half of February at $707.50 per ton. Naphtha price of Japan's benchmark in the first half of February fell $3.50 to $722.50 per ton.

Naphtha spread between the first half of February and the second half of February was + $15 per ton. Naphtha spread between the first half of February and the first half of March was + $25 per ton.

Fibre2fashion News Desk - India

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