India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has sold a naphtha cargo at a premium of about US$14/ton to Middle East quotes on a free-on-board (FOB), making this the lowest premium fetched for a naphtha cargo in about a year, as per traders in Reuters.
MRPL sold the 35,000 ton cargo for Feb. 19-21 loading from New Mangalore to Petro-Diamond and this came at a time when ample supplies were weighing on sentiment.
A record volume of 2.2 mln tons of naphtha arrived in Asia this month from Europe, the Mediterranean and the U.S. against a monthly average of 1.7 mln tons in 2015. At least another 1.7 mln tons were provisionally booked for February arrival despite the large volumes this month.
Additionally, India's January total shipments were at more than 650,000 ton. This was higher than the monthly average in 2015 at about 550,000 tons due to high refinery runs.
18-Jan-16 
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