High premium realised by Reliance for 75,000 tons of naphtha for mid-October lifting

Restricted avails has helped Reliance Industries sell 75,000 tons of naphtha for mid-October lifting to Itochu at a marginally higher premium of US$19-$20.50/ton to Middle East quotes on a free-on-board (FOB) basis. This premium is higher than the US$18/ton premium realised by the Indian major from YNCC for 55,000 tons slated for Sept. 20-25 lifting. Imports of naphtha from India are likely to increase on reduced domestic demand as the monsoon has revived, albeit a month late. Also, increased avails of natural gas have steadily demoted the status of naphtha as the preferred feedstock among power and fertilizer consumers in India, adding to quantum of naphtha exports from India. Hence, exports from Reliance will increase by 60,000 tons to 240,000 tons in October.
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