Asia's naphtha crack for second-half June at $90.25 a tonne on Monday was the lowest seen for a front-month value since April 22 as supplies rose while demand was seen slower due to upcoming cracker maintenance in North Asia.
Indian Oil Corp (IOC) has offered its third naphtha cargo for May from Chennai, this time for May 28-30 loading, traders said on Monday, bringing its total May exports from Chennai to 105,000 tonnes.
This was its largest volume tendered in a single month from the same port since September 2013, Reuters data showed.
With this new tender, which closes on May 8, India's total May naphtha exports now stand at nearly 415,000 tonnes, highest since January this year.
South Korea's LG Chem was seeking naphtha for first-half June delivery, one of the last few spot requirements for the time frame, traders said.
Results of the tender were not clear, but traders estimated the premium level to be slightly over $5 a tonne to Japan quotes on a cost-and-freight (C&F) basis.
If the premium level was close to the exact results, this would mark the lowest price seen in South Korea since March 13, Reuters data showed.
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