Middle East: Producers push prices up, end users resist

摘要

As highlighted in the separate entry on Oman, Middle East producers are pushing for netbacks no lower than $280/mt FOB pursuant to the $275/mt FOB sale of 20,000 mt by SIUCI this week. Traders are showing some interest in the higher numbers, but targets by end users are still substantially lower. Trades in Brazil were concluded up to $275/mt CFR over the week, mirroring the earlier $255/mt FOB sales by PIC and Adnoc for a total in excess of 130,000 mt. Two part cargoes also traded at $280-286/mt CFR for returns up to about $266/mt FOB. Offers to Brazilian importers are since well into the $290s/mt, but these are yet to elicit acceptance or firm counters.