IOC offers 84-88KT for late May

SINGAPORE, Apr 10 (Reuters) Indian Oil Corp. (IOC) has issued a spot tender to export 84,000-88,000 tonnes of naphtha for May loading, on top of its offer of 57,000-59,000 tonnes for the month, traders said on Tuesday.

The latest tender will close on April 17, with the validity remaining until April 18, while the validity of the previous tender remains until late Tuesday.

IOC's offers have helped lift India's naphtha exports for May loading to around 450,000 tonnes, still below the country's monthly export average of 520,000 tonnes last year.

[ID:nSP240323] Details of the IOC tenders are as follows: VOLUME LOADING/PORT TENDER CLOSE/VALIDITY 30,000 May 11-13/Kandla April 17/18 27,000-29,000 May 16-18/Dahej April 17/18 27,000-29,000 May 24-26/Dahej April 17/18 30,000 May 3-5/Kandla April 09/10 27,000-29,000 May 11-13/Dahej April 09/10 IOC last month sold 30,000 tonnes of naphtha to Vitol at .20 a tonne above the price formula between Argus and Platts, on a free-on-board (FOB) basis, for loading on April 17-19 from the port of Kandla.

From Dahej, the refiner sold 27,000-29,000 tonnes for April 21-23 loading from Dahej to Japanese trading house Itochu Corp. via tender last month. The price was not known.

REUTERS CS PM1650