HPCL sells small sized naphtha cargoes below market value

Offering smaller sized cargoes, Hindustan Petroleum Corp Ltd (HPCL) has sold 30,000 tons of naphtha for September lifting below market price -15,000 tons of full-range naphtha was sold by tender for Sept. 23-25 lifting from Mumbai to Itochu at a low single digit premium to Middle East quotes on a free-on-board (FOB) basis. The same quantity for Sept. 9-11 loading from the same port was sold at parity to Glencore. This price realization is lower than the US$18/ton fetched by Reliance from South Korea's YNCC for 50,000 tons of full-range naphtha for Sept. 20-25.
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