SINGAPORE: India's Mangalore Refinery and Petrochemicals Ltd sold a November naphtha cargo to PetroDiamond at $34-$35 per tonne above Middle East quotes on a free-on-board (FOB) basis, reflecting persistently firm premiums, traders said on Monday.
The 35,000-tonne cargo, scheduled for Nov. 7-9 loading from New Mangalore, was sold on Friday.
MRPL had previously sold four cargoes totalling 140,000 tonnes for October loading at premiums ranging from $35 per tonne to $46 per tonne.
"FOB premiums are still going strong. I think people are still short of cargoes," said a Singapore-based trader.
India's October naphtha exports have recovered to above 750,000 tonnes versus less than 550,000 tonnes in September.
Europe, on the other hand, had reduced its October exports to Asia to around 450,000 tonnes versus 800,000 tonnes last month.
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