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Asia Naphtha-India Reliance sale prices fall 33 pct
May 30, 2012 / 8:07 AM / 5 years ago

Asia Naphtha-India Reliance sale prices fall 33 pct

SINGAPORE, May 30 (Reuters) - India’s Reliance Industries Ltd has sold 75,000 tonnes of naphtha for June 24-27 lifting from Sikka at about $25 per tonne above Middle East quotes on a free-on-board (FOB) basis, down nearly 33 percent compared with a previous sale, traders said on Wednesday.

Weaker demand and rising supplies are weighing on premiums.

Reliance had recently sold 75,000 tonnes for early June lifting at premiums of about $35.50 per tonne.

“The weak fundamentals are likely to persist all through the third quarter,” said a trader.

Premiums are expected to fall further, traders said. (Reporting by Seng Li Peng; Editing by Chris Lewis)

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