Reliance’s Naptha in demand

India’s Reliance has sold two naphtha parcels for April loading within a week despite weakening sentiment, traders said on Thursday.It sold a 50,000-55,000-tonne spot parcel for first-half April loading to an oil major at premiums above $20.00 a tonne to Middle East spot quotes on a free-on-board (FOB) basis.

It had also sold via tender 50,000-55,000 tonnes for April 4-8 loading from Sikka port to Glencore at a premium of around $21.50 a tonne to Middle East quotes on a free-on-board (FOB) basis. Traders are expecting India’s exports to stay high at more than 800,000 tonnes in April versus around 900,000 tonnes in March despite falling sentiment.

Source:http://in.reuters.com/article/domesticNews/idINSGE62O0EK20100325

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