Indian Oil Corp (IOC) sold up to 61,500 tonnes of naphtha for late-March lifting by tender at lower premiums versus levels it fetched earlier because of increasing supplies from Indian, traders said on Wednesday.
IOC sold a 30,000-tonne cargo for March 28-31 lifting from Kandla and another 30,500-31,500 tonnes for March 29-30 loading from Dahej to South Korea's SK Energy at a premium of around $30.00 a tonne to Middle East quotes on a free-on-board (FOB) basis each.
These were lower compared to premiums it had fetched for other March cargoes at $31.00-$41.00 a tonne to Middle East quotes, FOB.
"India's March exports will reach around 640,000 tonnes," said a trader, adding that this was a huge jump compared to February volumes.
Last month, Indian exports were less than half its March quantity at below 300,000 tonnes.
IOC's term and spot exports for March alone from Dahej and Kandla were at 181,500-184,500 tonnes, slightly more than its usual monthly volumes at 180,000 tonnes.
Reliance Industries' March spot exports, on the other hand, were at 240,000 tonnes, more than double its February volumes at 105,000 tonnes.
Source : Reuters India