SINGAPORE, Nov 14 (Reuters) India's Reliance Industries Ltd has sold a 80,000-tonne naphtha cargo to be loaded from western port of Sikka at end-November at a lower premium than its other November-loading exports, traders said on Wednesday.
Reliance sold the Nov. 30-Dec. 1 cargo to European trader Glencore at about a tonne premium to Middle East spot quotes, on a free-on-board basis, versus - premium achieved for other November-loading cargoes.
The lower premium came as the Asian naphtha market has been depressed due to weak petrochemical margins.
The latest sale takes the private refiner's November-loading exports to its usual sales volume of 240,000 tonnes.
Indian refiners have sold at least 905,000 tonnes of November-loading naphtha so far.
REUTERS SLD RN1411