SINGAPORE: Reliance Industries BSE 1.91 % has sold up to 20,000 tonnes of naphtha for first-half March loading to Unipec at around $70 a tonne above Middle East quotes on a free-on-board (FOB) basis, setting a new high for naphtha premiums in India, traders said on Wednesday. 

Separately, China's West Pacific Petrochemical Corp (WEPEC) had on Wednesday sold up to 30,000 tonnes of naphtha for early April loading from Dalian to Japan'sMarubeni at a record high premium of about $55 a tonne to Japan quotes on an FOB basis. 

The WEPEC deal was done on the same day that South Korea's S-Oil Corp had also secured a new high for itself after selling a March cargo to Japan's Itochu at a premium of $53 a tonne. 

Premiums have risen to sky-high levels in Asia as refinery maintenance reduces Indian and Middle Eastern exports while demand remains strong. 

In just one week, India has seen premiums surge to record highs as buyers vied for spot cargoes amid a tightly supplied market.