India's Oil & Natural Gas (ONGC) and its subsidiary Mangalore Refineries and Petrochemicals Ltd (MRPL) have concluded November deals by tender for total 176,000 tons of naphtha, diesel and jet fuel. As the market shows signs of improvement over the past week, the Indian major has realized higher premiums for two of the three naphtha cargoes. The market bears witness to general improvement in petrochemicals demand after the Chinese returned to the market from their eight day long break. As fresh supplies from the Middle East enter the markets, premiums realized are prominently lower than two month ago realizations.
35,000 tons of naphtha were sold by ONGG for Nov. 17-18 loading from Hazira to Trafigura at a per ton premium of US$7.50 to Middle East quotes on FOB basis. 35,000 tons of the petrochemical feedstock for Nov. 16-17 lifting from Mumbai was sold to Itochu at a premium of US$9/ton.
MRPL sold 30,000 tons of naphtha for Nov. 6-8 lifting from New Mangalore to Petro-Diamond at US$7/ton premium to Middle East quotes on a FOB basis.