SINGAPORE, Oct 8 (Reuters) India's Mangalore Refinery&Petrochemical Ltd (MRPL) has issued a tender offering 480,000 tonnes of November-April loading fuel oil, amid a firm market, traders said on Monday.
The state refiner offered six 380-centistoke (cst) parcels of 80,000 tonnes each, of 3.5 percent sulphur and 0.99 density, for loading on the 24-28 of every month between November and April from its New Mangalore terminal, on a free-on-board (FOB) basis.
The tender closes on Oct. 12 and will remain valid until later on the same day.
Traders said MRPL usually offers six cargoes at one go at around the same time every year.
''This is the usual time when they offer six cargoes at a go.
Usually, it's for March-September. This timing is quite good this time, with the market as tight as it is,'' a Singapore-based Asian trader said.
MRPL last sold a similar parcel, for Nov. 1-3 loading, to Vitol at a six-month high differential of minus $3.00-$3.50 a tonne to Singapore spot quotes, FOB.
The market has been supported by supply shortages in the Middle East as Iranian volumes for September and October were cut by up to 50 percent, traders said.
Indian supplies for October were lower at 230,000 tonnes, down 29 percent from September's year-high volumes and close to the monthly average level of 225,000 tonnes.
September average prices for the benchmark 180-cst grade closed at an all-time monthly high of $396.20 a tonne, up from the previous record high of $387.00 in July.
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