Premiums for naphtha lifting from Dahej and New Mangalore flip to discounts first time in over 4 years

29-Jul-16

India's naphtha premiums for naphtha lifting from Dahej and New Mangalore flip into discounts for the first time in over four years, as per Reuters.
IOC has sold up to 25,000 tons of naphtha to Total for Aug. 26-29 loading from Dahej at a discount wider than US$11.30/ton to the refiner's price formula on a free-on-board (FOB) basis. This was the steepest discount for an IOC Dahej cargo since October 2008 when the financial crisis hit. Mangalore Refinery Petrochemicals Ltd (MRPL) has sold 35,000 tons of naphtha to Trafigura for Aug. 22-24 loading, also at a discount.