SINGAPORE (ICIS)--Spot polymeric methyl di-p-phenylene isocyanate (PMDI) prices in the Middle East declined for the third consecutive week because of soft buying interest, and in line with losses in the Asian market.
Prices softened by an average of $20/tonne to $2,140-2,160/tonne CFR (cost and freight) GCC (Gulf Cooperation Council)/East Med (Mediterranean) on 24 April, according to ICIS.
Sellers were heard to have given in to lower buying ideas because of losses in Asia, with import prices in China falling by $50-60/tonne to $2,000-2,020/tonne CFR (cost and freight) China during the week ending 23 April, ICIS data showed.
Market sources attributed the price decline in the import market to sustained weakness in China’s domestic prices of the material.
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A northeast Asia-based seller was offering May cargoes at $2,150/tonne CFR GCC, against buying ideas at $2,130-2,140/tonne CFR GCC.
A Japan-based producer was heard offering material at $2,160/tonne CFR GCC but this could not be confirmed.
Selling ideas to the East Med region were expressed at $2,150-2,180/tonne CFR East Med.
A separate Japan-based seller, meanwhile, was considering to lower its offer by $50/tonne to $2,150/tonne CFR GCC/East Med for May shipment.
However, no deal was reached during the week ending 24 April and negotiations were ongoing.
Major end-users were heard quoting buying ideas at $2,100/tonne CFR GCC/East Med.
A deal was heard concluded at $2,150-2,170/tonne CFR GCC by a South Korean producer, market sources said, but the information could not be verified with the seller.
Offers at $2,180-2,220/tonne CFR GCC for May shipment were made to a Middle East-based trader, whose buying ideas were lower at $2,130-2,150/tonne CFR GCC.
The wide gap in buying and selling ideas prompted a northeast Asian seller to halt discussions with a customer.
The seller had offered material at $2,250/tonne CFR GCC, but buying interest was quoted at $2,150/tonne CFR GCC.
Meanwhile, a Japanese producer was offering material at $2,200/tonne CFR GCC for May shipment, but has yet to receive firm buying ideas. It was offering material to East Med region at $2,220-2,230/tonne CFR East Med for April shipment, but had not received any buying enquiries.
Europe-based sellers were said to have offered cargoes at $2,100-2,180/tonne CFR East Med for May shipment, but these could not be verified.
A Chinese producer was hoping to offer May cargoes at $2,220/tonne CFR GCC for May shipments, but has yet to start firm discussions with customers.