SINGAPORE (ICIS)--Spot import polymeric methyl di-p-phenylene isocyanate (PMDI) prices in the Iranian market fell because of ample supply, a market source said on late Thursday.
According to ICIS data, prices fell by $25-50/tonne to $2,175-2,200/tonne CFR (cost and freight) Iran during the week ending 8 May.
The source said recent price decreases in the Gulf Cooperation Council (GCC) and Asia had an impact on the Iranian market as well.
According to ICIS data, spot polymeric PMDI prices in the GCC and East Mediterranean (East Med) region stabilized at $2,120-2,140/tonne CFR GCC/East Med during the week, but had been falling for four consecutive weeks until the previous week.
Import prices in China meanwhile fell by $30 at the low end to $1,950-2,000/tonne CFR China, marking a drop for the sixth consecutive week on 7 May.
Offers were said to be at $2,200/tonne CFR Iran, whereas buying ideas were indicated at up to $$2,175/tonne CFR Iran.
A seller to the market said because of lower prices in the GCC region the maximum workable offer in the country was at $2,200/tonne CFR Iran during the week.