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Updated to Q1 2017
Europe crude methyl di-p-phenylene isocyanate (MDI) January 2017 contracts largely settled with rollovers. Supply issues seen late into the previous year that were brought on by Covestro’s region-wide force majeure and Huntsman’s sales control begun to ease at the start of 2017 after both companies returned to full operations in December 2016.
These same production issues, however, only began to affect the pure MDI market at the start of 2017 resulting in a price hike in the January contracts for the product. This increase in pure MDI prices also reflected the higher cost of upstream benzene.
February contract prices for the crude MDI market settled with rollovers as upstream pressure negated low, seasonal demand. While, in the same month, the pure MDI contract firmed, marking the second month in a row that prices rose in the market.
In March 2017 both crude and pure MDI players said that their respective markets were tight due to the scheduled turnaround of Huntsman’s MDI Rozenburg plant in the Netherlands. The Rotterdam complex, on which the Huntsman facility is situated, was originally scheduled to shut down for 37 days in mid-March.
Suppliers noted in March that a larger amount of domestic crude and pure MDI was exported than usual as European product offered competitive pricing globally. Contracts therefore went up in the month for both markets.
Updated to Q1 2017
The Europe toluene di-isocyanate (TDI) contract price increased in January due to a tight market. Production issues at BASF's Ludwigshafen site continued to leave the market short, as was the case for much of 2016. BASF closed its Ludwigshafen operations in November 2016 in response to a technical defect, having only begun production there in the previous September.
The TDI February contract settled with an increase at the lower end of the price range due to the tight, albeit improved, supply situation. The return of Covestro’s European operations at the end of last year, following its declaration of a force majeure in October 2016, was said by players to have helped ease availability issues in the TDI market.
However, by March 2017, the TDI market was once again experiencing tightness and, as a result, the contract for the month increased in price.
Players said exports from Europe had increased, resulting in sparser volumes domestically. Others said BASF's announcement, made in February, that it would not fully repair its Ludwigshafen plant until 2018, was also influencing prices.
The ICIS European isocyanates report covers contract pricing, which is normally fixed for the month.
Any quarterly contract information such as for crude Methyl di-p-phenylene isocyanate (MDI) or any spot business or price indications are included in the body of the text.
The report contains official monthly price ranges for Toluene di-isocyanate (TDI) and MDI, covering both the crude and pure MDI grades.
Pricing is assessed based on feedback from a cross-section of the market, including buyers, producers and resellers.
The report is an important pricing tool for a number of players, who use a formula based pricing mechanism linked to ICIS.
The report also includes graphs, when appropriate, to track isocyanate pricing against feedstock movements.
It covers a wide variety of downstream sectors including the automotive, construction, footwear, bedding and furniture sectors.
The report provides invaluable pricing and production information, which is useful for both buyers and sellers alike and helps them to make better informed business decisions.
ICIS collects pricing data on a wide range of chemical, energy and fertilizer products, including Isocyanates. Our extensive experience in price reporting means we can offer you access to historical data dating back more than 20 years for certain commodities.
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ICIS price assessments are based on information gathered from a wide cross-section of the market, comprising consumers, producers, traders and distributors from more than 250 reporters world-wide. Confirmed deals, verified by both buyer and seller, provide the foundation of our price assessments.
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