MRPL, IOC, Reliance realize higher premiums for September naphtha

Indian naphtha sellers have realized a better premium for September naphtha due to restricted avails in the region, higher by 30-60% higher than their previous sales. Indian Oil Corp has sold 35,000 tons of naphtha by tender for September 1-4 lifting from Chennai to Cargill at US$21-22/ton above its own pricing formula on a free-on-board (FOB) basis, as compared to a premium of US$13/ton for a parcel lifting from the same port on Aug. 17-20 to Trafigura. Reliance Industries has sold 75,000 tons of naphtha by tender to Itochu for September 6-10 lifting from Sikka at a premium of US$20/ton above Middle East quotes on a FOB basis. This was higher than the premium of US$15/ton for a parcel slated for Aug. 31-Sept. 4 lifting. MRPL sold a 30,000 ton cargo to Itochu at a premium of US$19/ton to Middle East quotes, FOB quotes.
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