Indian Oil Corp (IOC) failed to award a tender to buy 120,000 tonnes of diesel for 1-3 April delivery as traders, expecting higher offers from quake-hit Japan, did not submit price bids. Very few parties had submitted technical bids and they did not submit the price bids, as by then Japan’s crisis had occured. Traders then expected they could get a better price by selling cargoes to Japan rather than India.
Japan is battling growing nuclear and humanitarian crises after a massive earthquake and tsunami struck the country and the disaster is expected to have far-reaching consequences for industries and demand and supply in Japan.
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