China MMDI spot import prices edge down on softer domestic prices

19 June 2014 09:51 Source:ICIS News

SINGAPORE (ICIS)--Almost all June shipments of monomeric methyl di-p-phenylene isocyanate (MMDI) spot imports to China were concluded at $2,580-2,650/tonne CFR (cost & freight) China in the week ended 18 June, according to market sources on Thursday.

This marked a decline from earlier June deals indicated at around $2,600-2,650/tonne CFR China, based on ICIS data.

The decline was due to softer domestic prices in China, which placed downward pressure on buying ideas for spot imports, market participants said.

However, the extent of the spot import price decline was small because a number of suppliers were under minimal stock pressure due to plant turnarounds in the May-June period, they added.

Domestic prices were indicated at yuan (CNY) 19,600-20,200/tonne ($3,146-3,242/tonne) DEL (delivered) eastern China in the week ended 18 June, compared with CNY20,000-20,500/tonne DEL eastern China in the week ended 4 June, according to ICIS data.

Domestic prices declined after a local producer dropped its June list price, even though a separate local producer kept its June list price unchanged, according to market sources.

($1 = CNY6.23)

By Pui Wing Ho