India's MRPL issue tender to sell 30,000 tons of naphtha for Dec loading; to add to Asia's overcapacity

11-Nov-08

Adding to the overcapacity of naphtha in the Asian region amid weak petrochem demand, India's Mangalore Refinery & Petrochemicals Ltd. (MRPL) has tendered to sell of 30,000 tons of naphtha for Dec 14 - 16 loading from New Mangalore. The company sold 30,000 tons of naphtha for Nov. 20-22 lifting from New Mangalore to Itochu at a considerable markdown of US$37/ton to Middle East quotes, on a FOB basis. Asia's ailing demand for the petrochemicals have led several leading buyers of naphtha feedstock including Formosa Petrochemicals Corp and CPC (Taiwan); YNCC (South Korea) and PCS (Singapore) to postpone the naphtha deliveries due to high inventories. Some of them have also trim the production output of petrochemicals due to weak demand.