SINGAPORE (ICIS)--Spot di-p-phenylene isocyanate (PMDI) prices in the Middle East fell for the fourth straight week, hitting the lowest level this year, on weak demand and stiff competition among suppliers, market sourcse said late on Thursday.
On 24 July, PMDI prices were assessed at $1,950-2,000/tonne CFR (cost and freight) GCC (Gulf Cooperation Council), down by $60-75/tonne from the previous week, according to ICIS data.
Import prices in the East Mediterranean region, meanwhile, fell by $35-50/tonne over the same period to $1,975-2,025/tonne CFR East Med, the data showed.
Selling indications were quoted at $2,000/tonne CFR GCC or lower, market sources said.
In the East Med region, selling indications were limited in the absence of firm bids.
Ongoing geopolitical conflicts in the region have also been weighing on PMDI demand, market sources said.
Some notional selling indications were heard at $2,000-2,120/tonne CFR East Med during the week, market players said.
Buyers were expecting PMDI prices to fall further, with buying ideas quoted at $1,900-1,950/tonne CFR GCC, market sources said.