First FOB naphtha deal concluded on discount in 2009

A regional supply glut has led to the first discount on a naphtha deal. Indian Oil Corp (IOC) has sold via tender, 15,000 tons of naphtha at a discount of US$7/ton to Middle East quotes to Glencore. The parcel is slated for May 19-22 lifting from Haldia. H2-May FOB prices are being offered at a discount mainly because of the unusually high volumes of European and Kuwaiti spot exports scheduled to arrive in Asia this month.
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