Reliance Industries sells naphtha at lower premium vs October

Reliance Industries has realized a lower premium versus October on naphtha on account of relatively weak markets in H1-October due to demand uncertainties in China. Reliance has sold 75,000 tons of naphtha by tender for Nov. 22-26 lifting from Sikka to Itochu at about US$14-15/ton above Middle East quotes on a free-on-board (FOB) basis. This premium is lower than the US$18-19/ton it fetched for an October cargo sold to Daelim and Itochu each. Premiums are expected to improves in line with improving market sentiments as the Chinese buyers were seen replenishing stocks after they returned from their week-long National holiday.
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