India's Mangalore Refinery Petrochemical Ltd has sold a March naphtha cargo to Royal Dutch Shell at its lowest premium since late 2014, as per traders in Reuters. MRPL sold the 35,000 tons of March 25-27 loading from New Mangalore at US$4.50/ton above Middle East quotes on a free-on-board (FOB) basis. The traders opine that although demand has been healthy, large supplies coming to Asia in January and February from Europe and the Mediterranean have pulled down prices.
Traders feel that Shell has likely bought the Indian cargo, to be shipped to Asia, as a quicker and cheaper alternative to transporting naphtha from Europe. "It is better to buy smaller, Indian parcels which have better quality and better delivery schedule than western cargoes," said a Singapore-based trader in Reuters.
29-Feb-16 
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