European trader Gunvor bought a naphtha cargo for end-June loading from India's Oil & Natural Gas Corp (ONGC) at a premium of $14 a tonne, about 36 percent less than a mid-June cargo it purchased previously, traders said.
Gunvor bought the 35,000-tonne cargo on Friday for June 29-30 loading from the port of Hazira. It earlier purchased from ONGC a cargo for June 16-17 loading from the same port at premiums of $22 a tonne.
The price formula is tagged to Middle East quotes on a free-on-board (FOB) basis.
Naphtha supplies have been rising due to weaker demand caused by cracker run cuts on weak petrochemical margins.
Demand has also been hit after Taiwan's Formosan Rubber Group, Asia's top naphtha buyer, shut the largest of its three crackers on outage in late May.
Source: Reuters