- Mumbai’s VLSFO is currently priced $5/mt higher in Mumbai than in Singapore.
- The port’s VLSFO premium over Singapore peaked at about $92/mt at the beginning of November.
- Prompt VLSFO and LSMGO stems have been readily available with suppliers in Mumbai, as they have been in recent months.
VLSFO availability in Mumbai has been more stable in recent months compared to other regional ports such as Singapore and Fujairah, where the grade has been harder to secure for prompt dates.
Changes in VLSFO prices
- VLSFO prices are down in Mumbai ($50/mt), Singapore ($43/mt), Fujairah ($22/mt) and Colombo ($4/mt).
Mumbai’s VLSFO is currently priced $5/mt higher in Mumbai than in Singapore, but Mumbai priced the grade at parity with and even rare discounts to Singapore between Friday and yesterday.
The port’s VLSFO premium over Singapore peaked at about $92/mt at the beginning of November. That premium has gradually eroded since.
Some sources say steady inflows of discounted Russian crude has allowed Indian refineries to produce gasoil, fuel oil and other products at lower costs. This is a likely factor that has kept VLSFO prices in check in Mumbai.
Prompt VLSFO and LSMGO stems have been readily available with suppliers in Mumbai, as they have been in recent months. Product availability has not been a major concern in Mumbai as suppliers have adequate VLSFO stocks, a trader says.
Recommended lead times have stood at 2-3 days for VLSFO in Mumbai in the past two weeks.
Meanwhile, lead times in Singapore and Fujairah have typically been longer and unpredictable. Recommended lead times for VLSFO have fluctuated between 10-14 days in Singapore, and 8-12 in Fujairah, over the past two weeks.
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