SINGAPORE (ICIS)--Spot di-p-phenylene isocyanate (PMDI) import prices in Iran fell by $50-170/tonne this week, marking their biggest fall in one year, because of ample supply, market sources said late on Thursday.
On 24 July, PMDI prices were assessed at $1,950-2,100/tonne CFR (cost and freight) Iran, according to ICIS.
The Iranian market may also have been taking the cue from the neighbouring Gulf Cooperation Council (GCC) markets, where prices fell for the fourth consecutive week.
PMDI prices in the GCC fell by $60-75/tonne week on week to $1,950-2,000/tonne CFR GCC on 24 July.
Consequently, selling ideas to the Iran market declined to $2,100-2,150/tonne CFR Iran during the week. An offer was also indicated at $1,950/tonne CFR Iran, but no deals were concluded, market sources said.
PMDI discussions in the Iranian market are expected to remain subdued in the coming week, as the entire Middle East region is preparing for the Eid-ul-Fitr holiday to mark the end of the Muslim fasting month of Ramadan on 28 July.
The holiday could take more than a week in some Middle Eastern countries.