SINGAPORE (ICIS)--Spot polymeric methyl di-p-phenylene isocyanate (PMDI) prices in the Gulf Cooperation Council (GCC) and East Mediterranean (East Med) broke a declining trend and were stable this week in the absence of firm discussions, market sources said late on Thursday.
Prices were assessed as unchanged at $1,950-2,000/tonne CFR (cost and freight) GCC and $1,975-2,025/tonne CFR East Med from last week, according to ICIS data.
Spot PMDI prices in the Middle East had fallen for four straight weeks, hitting the lowest level this year, on 24 July when values were assessed at $1,950-2,000/tonne CFR GCC, according to ICIS data.
Market sources said players in the Middle East were either still absent after a week-long Eid-ul-Fitr holiday or had just returned to the market. Consequently, no market-wide offers or bids were heard.
Workable selling ideas were expressed at $2,100-2,130/tonne CFR GCC/East Med by northeast Asia-based sellers.
Sources said they expect a price increase in the coming weeks, as sellers were stressing the need to recoup lost margins from the past months, especially in July.
In addition, sources said, supply is expected to be short as one major Asia-based producer was preparing for its plant shutdown in September.