IOC sells 30,000 tons of July naphtha to Unipec almost 48% lower than an early June cargo

30-Jun-12

Indian Oil Corp (IOC) has sold 30,000 tons of July naphtha from Kandla port to Unipec at about US$13.50/ton above its own price formula on a free-on-board (FOB) basis, almost 48% lower than an early June cargo sale, as per Reuters. Unipec bought the cargo for July 14-16 loading from Kandla port on Wednesday. The last time IOC sold a cargo out of Kandla port was for June 7-9 lifting, also to Unipec, but at a premium of US$26/ton. But naphtha fundamentals appear to be stronger since the start of this week, due to lower exports to Asia from Europe and India.