13 May 2013 10:56 [Source: ICIS news]
SINGAPORE (ICIS)--May polyether polyols prices in the Middle East have been weighed down by subdued demand and softening feedstock costs, market players said.
Buying sentiment remained cautious, as end-users procured only on a need-to basis amid slow business conditions in the downstream sectors, according to several regional producers.
Spot prices of flexible slabstocks were last assessed at $1,950-2,100/tonne (€1,502-1,617/tonne) CFR (cost & freight) Gulf Cooperation Council (GCC)/Middle East on 9 May, down by $50-100/tonne from the previous week, according to ICIS data.
Demand for end-use products such as bedding and furniture has been adversely affected by weakening consumer confidence amid an uncertain macroeconomic climate.
For rigid foam, the expected increase in seasonal demand from the downstream construction sector has yet to materialise.
Spot prices were last assessed at $1,850-1,900/tonne CFR GCC/Middle East on 9 May, $50/tonne lower on the high end of the range from the previous week, according to ICIS data.
Looking ahead, most market participants feel that prices are likely to remain stable-to-soft in the near term in the absence of an improvement in demand.
($1 = €0.77)
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