Mideast PMDI prices firm as feedstock costs rise

13 February 2014 11:59 Source:ICIS News

SINGAPORE (ICIS)--Spot polymeric methyl di-p-phenylene isocyanate (PMDI) prices in the Gulf Cooperation Council (GCC) and East Mediterranean (East Med) markets have been stable to firm this week, after remaining unchanged for several weeks, market sources said on Thursday.

Sellers from Asia and Europe largely increased their offers by up to $50/tonne for March shipments in an attempt to recoup lost margins and pass on their increases in feedstock benzene costs to their customers. Offers were heard at $2,150-2,200/tonne CFR (cost and freight) GCC/East Med.

Buyers meanwhile said they had to increase their bids in order to procure material for downstream production. As a result, buying ideas were heard at $2,130-2,150/tonne CFR GCC/East Med. 

A deal was heard concluded at $2,150/tonne CFR GCC for end-February/early March shipment.

According to ICIS data, PMDI prices in the regions were at $2,100-2,150/tonne CFR GCC/East Med on 6 February.

By Fahima Khail