Indian Oil Corp (IOC) sold 35,000 tons of June naphtha at premium of approximately US19/ton above its own price formula, reflecting a drop of more than half in premiums as demand falls as per Reuters. IOC sold the cargo scheduled for June 18-20 loading from Dahej probably to PetroChina, which had also picked up 70,000 tons of naphtha from BPCL on the same day at below US$20/ton premiums. Weak demand from buyers in view of poor petrochemical margins had dented premiums recently.
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