Mideast PMDI shortage from Asia offset by ample European material

SINGAPORE (ICIS)–Spot polymeric methyl di-p-phenylene isocyanate (PMDI) import prices in the Gulf Cooperation Council (GCC) and East Mediterranean (East Med) regions were stable amid ample supply from Europe, market sources said on late Thursday.

On 30 October import prices in the GCC region were unchanged at $2,020-2050/tonne CFR (cost & freight) GCC.

Import prices in the East Med region were stable at $2,040-2,080/tonne CFR East Med, according to ICIS data.

Asia-based sources said supply to the Middle East was tight, with two major suppliers offering limited material for November shipment.

Consequently selling ideas were quoted at $2,100/tonne CFR GCC/East Med for November shipment. However no deals were heard concluded, sources said.

Middle East-based sources said the shortage from Asia was compensated by more material from Europe and lower offers at or even below $2,050/tonne CFR GCC from suppliers.

European sellers were said to be liquidating stocks for the end of the year to close their books. Sources added that supply in Europe was exceeding domestic demand, resulting in more material being offered to the Middle East.

Buying ideas were quoted at $2,020-2,025/tonne CFR GCC for November shipment. Some buyers expressed buying notions at $2,050/tonne CFR GCC, but were not firmly in the market to purchase material.

Selling ideas to the East Med region were quoted at $2,080-2,100/tonne CFR East Med. Some customers in the region were said to be quoting buying ideas at $2,050/tonne CFR East Med. However, the information could not be verified with the buy side.

Japanese material was said to be offered at $2,120/tonne CFR GCC. South Korea-origin material was said to be available at $2,000-2,050/tonne CFR GCC.

In the Iranian market, a seller’s latest deals were indicated at $2,120/tonne CFR Iran for November shipment. According to a separate seller, PMDI was being offered at $2,230-2,250/tonne CFR Iran. However, the information could not be verified with other players. According to an Iran-based buyer, buying ideas at $2,050/tonne CFR Iran should be workable, based on its transaction in the previous month.

Import prices in the country were assessed as unchanged at $2,120-2,150/tonne CFR Iran in the week ending 30 October, according to ICIS data.