BackAsia Naphtha - MRPL, ONGC sells at lower prices
Asia Naphtha - MRPL, ONGC sells at lower prices
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Singapore: MRPL and ONGC sold a total 65,000 tonnes of naphtha by tenders at premiums that were about 21-28% lower than before, signalling that India could be exporting more recently after its monsoon season normalises.
ONGC sold 35,000 tonnes of the heavy grade feedstock to Total for 7-8 October loading from Hazira at a premium of around $18.00 a tonne premium to Middle East quotes on a free-on-board (FOB) basis.
MRPL sold 30,000 tonnes of similar grade naphtha for 15- 17 October lifting from New Mangalore, also to Total, at around $15.00 a tonne premium, FOB.
ONGC had earlier sold 70,000 tonnes of naphtha for September lifting from Hazira to SK Energy at a premium of $25.00 a tonne, while MRPL fetched $19.00 a tonne premium from Itochu earlier for a parcel lifting in second-half September. Supplies in Asia are still relatively tight compared to second quarter, but are gradually easing after the monsoon normalised following a weak start, traders said.
“I expect more from India in October versus September, especially from Reliance," said a trader, who estimated that the privately-run refiner would have around 240,000 tonnes of naphtha for exports in October versus around 180,000 tonnes in September.
ONGC meanwhile has two outstanding tenders to sell a total of 70,000 tonnes of naphtha for October liftings from Hazira and Mumbai.
The tenders will close on 16 September, with bids to stay valid until 17 September.
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