Spot Mideast TDI prices weaker amid strong competition

SINGAPORE (ICIS) –Spot toluene di-isocyanate (TDI) prices in the Gulf Cooperation Council (GCC) and East Mediterranean (East Med) markets largely fell this week, after keeping steady in the previous week, sources said on late Thursday.

According to ICIS data, prices were assessed at $2,490-2,500/tonne CFR (cost and freight) GCC/East Med in the week ending 18 September, down by $10-25.

Sources said demand was stable but supply was ample, with lower bids and offers heard in the market.

Some sellers’ attempt to attract more buying interest through lower prices was putting downward pressure on TDI prices in the region, players said.

Offers were indicated at $2,500/tonne CFR GCC/East Med or below, sources said.

Buyers were bidding material at $2,490/tonne CFR GCC. While no bids were available in the East Med region, sources said lower indications were heard in that region as well.

In the Iranian market, a Middle East-based trader said it sold material at $2,620/tonne CFR Iran.

Some market sources said prices at that level were not workable in the market given that the Iranian market has been in an export position itself.

An Iran based producer was said to be offering material $2,450/tonne CFR GCC.

According to ICIS data prices remained unchanged at $2,550-2,600/tonne CFR Iran in the week ending 18 September.