Middle East producers are facing lower bids for March, but are citing limited availability in support of quotes around $290/mt FOB for open destination. Prior sales for March loading are claimed concluded above the $290/mt FOB marker. Trades into the $290s/mt CFR in Thailand were nevertheless indicative of netbacks around $280/mt FOB, at best. Spot sales off carriers heading for Brazil around $295/mt CFR provide returns below $275/mt FOB Middle East for intermediaries to generate a small margin.
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