Mideast TDI prices stable, after previous week’s losses

25 April 2014 00:00 Source:ICIS News

SINGAPORE (ICIS)--Spot toluene di-isocyanate (TDI) import prices in the Gulf Cooperation Council (GCC) and East Mediterranean (East Med) are stable after falling by $10/tonne in the previous week, market sources said on Friday.

According to ICIS data published on Friday prices remained at $2,450-2,470/tonne CFR (cost and freight) GCC/East Med in the absence of firm discussions.

Market wide negotiations for May shipments are expected to take place in earnest in the coming weeks.

A seller said it was expecting a rollover of prices and considered price increases as difficult to implement in the bearish market.

A Japan-based seller said it was offering May cargoes at $2,500/tonne CFR GCC/East Med, despite hearing market prices to be at $2,450-2,480/tonne CFR GCC/East Med. The seller said it was not involved in firm discussions during the trading week ending 24 April.

Market prices in two East Med countries were said to be at $2,450-2,470/tonne CFR East Med.

Some urgent cargos were sold at $2,500/tonne CFR GCC for end-April delivery.

A Europe-based producer said it was targeting to roll over its offers for May shipments, adding that price levels in the GCC/East Med regions were still at around $2,500/tonne CFR GCC/East Med.

A Middle East-based trader said offers were at $2,480-2,550/CFR GCC for May shipment, with one South Korea-based seller offering TDI at $2,500-2,550/tonne CFR GCC. However that selling price was deemed as too high by the wider market.

A GCC-based end-user said it has purchased material at $2,490/tonne DEL GCC, which is equivalent to $2,455/tonne CFR GCC, in the previous trading week for May shipment. The end-user said if it were in the market this week, it would express buying ideas at the same level.

By Fahima Khail