Indian Oil sells Dahej cargo at $40/T premium

SINGAPORE: Indian Oil Corp (IOC) has sold a naphtha cargo for Oct. 25-27 lifting from Dahej port to Glencore at premiums of about $40 a tonne to its own price formula on a free-on-board (FOB) basis, reflecting a firm naphtha market, traders said on Wednesday.

The 35,000-tonne cargo premium was largely unchanged from a cargo IOC had previously sold to Socar for early October loading from the same port.

Despite India having restored its overall exports for October to more than 750,000 tonnes compared to less than 550,000 tonnes in September, traders said supplies were not in abundance due to lower European cargoes coming in this month versus last month.