IOC sells November-loading fuel oil parcel at stable levels

SINGAPORE, Nov 1 (Reuters) Indian Oil Corp. (IOC) has sold its second November-loading fuel oil parcel at stable prices via tender, soon after selling the first at higher levels, traders said on Wednesday.

The 30,000-tonne cargo of 380-centistoke (cst) fuel oil, for Nov. 17-21 loading from the company's Chennai refinery, was sold to U.S.-based Cargill International at a discount of - a tonne to Singapore spot 380-cst quotes on a free-on-board (FOB) basis, similar to previous levels.

Cargill had also bought another Indian parcel -- a 30,000-tonne lot, for Nov. 23-25 loading from Vizag, from Hindustan Petroleum Corp. Ltd. (HPCL) at similar levels via a tender that had been cancelled and reissued.

IOC last sold a similar early November parcel, of 0.995 density and 4.5 percent sulphur content, also to Cargill at a discount of - a tonne to Singapore spot quotes, FOB, above levels for similar October-loading Indian cargoes.

''The market is pretty stable now, with all the high-density Indian cargoes done at discounts of around - a tonne.

That said, while the market is stronger than October, it's not that firm compared to average levels,'' a Singapore-based Asian trader said.

About 145,000 tonnes of November-loading cargoes, of similar specifications -- 0.99-1.0 density and sulphur content of 4.0-4.5 percent -- were done at discounts of - a tonne to Singapore spot quotes, up from discounts of around - for October-lifting parcels.

Indian volumes for this month stand at 355,000 tonnes, including the IOC deal, higher than last November's 315,000 tonnes and stable on-month.

Total Indian volumes, sold or offered for this year, are at a two-year high at 3.05 million tonnes, well above last year's 1.83 million tonnes.

REUTERS CS KP1321