Reliance Industries has offered its second cargo of 75,000 tons of naphtha for October, augmenting total monthly exports to 150,000 tons. 75,000 tons was sold for mid-October lifting to Itochu at a premium of US$19/ton to Middle East quotes, on a free-on-board (FOB) basis.
This seems to be the last of RIL’s offerings for the month, and is about 50% of market expectations. Export quantities were expected to increase from the Indian refiner as its older 660,000 bpd unit that resumed operations in late July is running at full capacity. But the mounting demand for polymers has increased captive naphtha consumption, and rendered a smaller quantity of naphtha available as surplus for sale.