Unexpectedly low offers were seen in the Indian Oil Corp's (IOC) term tender for the purchase of 1.0 percent sulphur high speed diesel for delivery from June 1997 to May 1998, industry sources said on Friday.
Traders said the lowest offer came from a Japanese trader for the delivery of 1,40,000 tonnes to Kandla on the west coast at 68 cents per tonne over Middle East quotes on a cost-and-freight basis (c-and-f).Next was from a Middle East producer for the delivery of 80,000 tonnes at around 90 cents premium The same Japanese trader was offering at about 6 cents above this for 87,000 tonne cargoes, both above Mid-East quotes on a c-and-f basis.
Low offers were also seen for the normal 45,000-tonne lots which were heard at around $2.00 premium c-&-f Kandla.
