SINGAPORE (ICIS)–Spot polymeric methyl di-p-phenylene isocyanate (PMDI) import prices in the Gulf Cooperation Council (GCC) and East Mediterranean (East Med) markets fell during the week, after increasing in the previous week.
On 19 March import prices in the GCC region fell by $25/tonne to $1,650-1,725/tonne CFR (cost and freight) GCC. In the East Med markets prices were at $1,700-1,780/tonne CFR East Med, down by $15-20/tonne.
Sources said material was ample, especially from European suppliers, resulting in deals and discussions at $1,650-1,725/tonne CFR GCC.
Some Asia-based suppliers were preparing for their upcoming maintenance works in May and were therefore offering material at or above the published price ranges.
European suppliers had more volumes left for the Middle East, as they were selling limited cargoes to Russia because of the recently imposed sanctions on the country.
Less transactions for European material were also heard in some South American markets, sources said. However, the information could not be confirmed with European suppliers.
European material was available at $1,650-1,700/tonne CFR GCC, sources said.
Japanese origin material was offered at $1,700-1,750/tonne CFR GCC, sources added.
South Korean material was heard offered at $1,680/tonne CFR GCC.
In the East Med region, cargoes of Chinese origin for April delivery were sold at $1,760-1,780/tonne CFR East Med, market players said.
Workable buy-sell ideas for northeast Asian material were at $1,700-1,780/tonne CFR East Med for April shipment, sources said.
In the Iranian market, offers for Chinese cargoes were quoted at $1,750-1,800/tonne CFR Iran.
However, no deals were concluded amid low demand.
Market players in the Iranian market were already largely absent ahead of the regional New Year holiday which starts on 21 March, sources said.
According to ICIS data import prices were unchanged week on week at $1,750-1,800/tonne CFR Iran.