HPCL naphtha premiums plunge by more than 65% for February

Premiums on February cargoes have plunged by over 65% for India's Hindustan Petroleum Corp Ltd (HPCL) amid lackluster sentiment hampered by demand cuts, due to heavy cracker maintenance in March in Japan and South Korea. A parcel of 20,000 ton for Feb. 11-13 lifting from Mumbai to Trafigura was sold for a premium of US$12.50/ton to its own price formula, on a free-on-board (FOB) basis, vs US$35 premium fetched for a parcel lifting from the same port in late January.
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