MRPL sells April naphtha at premiums above US$60

13-Mar-13

India's Mangalore Refinery and Petrochemicals Ltd has sold to Unipec an April naphtha cargo at about US$60.50/ton above Middle East quotes on a free-on-board (FOB) basis, a premium which reflected a strong market, as per traders in Reuters. The 35,000 ton cargo is scheduled for April 6-8 loading from New Mangalore port, and is MRPL's first cargo for next month loading, from its usual 3-4 monthly cargoes. Asian naphtha supplies have been tight for months but were showing some signs of easing last week due to higher availability of alternative feedstock liquefied petroleum gas (LPG). However, exceptionally strong demand was sustaining the bull run.