SINGAPORE (ICIS)--Spot polymeric methyl di-p-phenylene isocyanate (PMDI) prices in the Middle East rose by up to $50/tonne amid shorter supply and improved demand.
On 21 August, PMDI prices were assessed at $2,000-2,050/tonne/tonne CFR (cost and freight) GCC (Gulf Cooperation Council), up by $40-50/tonne from the previous week; and at $2,025-2,075/tonne CFR East Med (Mediterranean), up by $50/tonne over the same period, according to ICIS.
Buyers returned to the market this week to replenish stocks, while sellers raised prices to recoup margins, market sources said.
Most market players in the Middle East had been away for the Eid-ul-Fitrs celebration in end-July to mark the end of the month-long Muslim fasting called Ramadan.
PMDI supply in the Middle East is currently short, with one main supplier offering limited volumes ahead of its upcoming plant shutdown.
Offers were largely at $2,050/tonne CFR GCC, with buying ideas quoted at $2,000/tonne CFR GCC this week, with some deals heard concluded at or above $2,000/tonne CFR GCC, market sources said.
When regional supply is short, some market players said they tend to offer material to East Mediterranean at prices that are at least $50/tonne higher than those quoted to the GCC market.
Offers to the Iranian market were indicated at $2,125-2,130/tonne CFR Iran, but no firm bids were heard, market sources said.