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India’s Oil & Natural Gas Corp (ONGC) sold a total of 70,000 tones of naphtha for first-half March lifting’s at lower premiums due to softer demand, traders said on Thursday.

The state-owned refiner sold 35,000 tones of heavy naphtha for March 9-10 loading from Hazira port to Shell at a premium of about $27.00 a tones to Middle East quotes on a free-on-board (FOB) basis.

This was lower compared to $35.00 a tonne premium, FOB, it had previously fetched from Itochu for a parcel lifting from Hazira port on Feb. 23-24.

ONGC also sold 35,000 tonnes of naphtha for March 6-7 loading from Mumbai port to Total at a premium of around $20.00 a tonne, FOB.

This was also lower versus $34.00 a tonne premium, FOB, it had fetched for a cargo sold to Petro-Diamond for Feb. 14-15 loading from Mumbai port.

Demand has been weakening on upcoming cracker maintenance in Japan and South Korea.

Cracks, premiums/losses obtained from refining Brent crude into naphtha, fell to their lowest in one-and-a-half week at $132.58 a tonne on Thursday.

ONGC has issued a new tender to sell 35,000 tonnes of naphtha for march 19-20 loading from Hazira port.

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