16 May 2014 08:13 [Source: ICIS news]
SINGAPORE (ICIS)--Spot flexible foam polyether polyols prices in the Middle East, including the Gulf Cooperation Council (GCC) region were softer, as offers or selling ideas were largely heard at $30/tonne lower than the previous week, sources said late on Thursday.
According to ICIS data, prices fell by $15-30/tonne from the previous week to $2,285-2,300/tonne CFR (cost & freight) GCC/Middle East during the trading week ended 15 May.
While sellers were said to be decreasing their offers, buyers were either withholding their bids in a softening market or bidding for material at below the assessed price range.
Discussions in the market were ongoing and no deal was heard concluded during the trading week.
Sources said there was abundant material available in the market. Even a recent plant shutdown by a European supplier had little impact on the market in the Middle East. Asia-based suppliers said they were running at near 100% production rates.
A South Korean producer said it was not involved in firm discussions yet, but added that indications at $2,300/tonne CFR GCC/Middle East are workable in the Middle East market.
A Chinese producer was offering May cargoes at $2,300/tonne CFR GCC, but met buying ideas at $2,250/tonne CFR GCC.
A Japan-based seller said it was offering material at $2,300/tonne CFR GCC/Middle East for May shipment, but had not received any bids.
According to a GCC-based trader, offers in the market were largely at up to $2,300/tonne CFR GCC for May shipment.
A seller of Europe-origin material said workable selling ideas for conventional polyols were at $2,300/tonne CFR Middle East for May shipment.
An end-user said it is going to concluded a deal for an offer it received at $2,325/tonne CFR GCC for May shipment.
A separate South Korean producer said it was sold out for May, adding that it managed to sell its cargoes at $2,300-2,350/tonne CFR GCC/Middle East. Therefore, it is planning to offer June cargoes at $2,350/tonne CFR GCC/Middle East.
A separate Chinese producer said there was no change in the market, adding that it was still offering its cargoes at $2,250/tonne CFR GCC/Middle East for May shipment, but had not received any serious bids.
The seller added it received a bid from one trader at $2,150/tonne CFR GCC on advance payment terms, but deemed it too low.
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