China's PMDI spot import prices remain under downward pressure

24 April 2014 09:42 Source:ICIS News

SINGAPORE (ICIS)--Polymeric methyl di-p-phenylene isocyanate (PMDI) spot imports into China were heard traded at lower prices in the week ended 23 April, compared with the first half of the month, according to ICIS data on Thursday.

Deals were done at $2,000-2,020/tonne CFR (cost & freight) China in the week ended 23 April, ICIS data showed.

April cargoes were heard sold at $2,050-2,080/tonne CFR China in the first half of April, according to ICIS data.

The decline in spot import prices was attributed to bearish buying sentiment which was dampened by the sustained weakness in Chinese domestic prices, market participants said.

Chinese domestic PMDI prices were at yuan (CNY) 15,600-16,000/tonne ($2,500-2,564/tonne) DEL (delivered) east China in the week ended 23 April, down by CNY200-300/tonne from the week ended 9 April, ICIS data showed.

The domestic PMDI market was heard to be weak due to ample stocks and flat demand conditions, with buyers said to be purchasing on a need-to basis.

($1 = CNY6.24)

By Pui Wing Ho