Demand improving East of Suez; Yuzhnyy quiet

摘要

Spot activity picked up this week with Mitsui purchasing a small cargo from PIC for mid-May loading. The trader needed to buy cover for May, because of a turnaround at IPCC/Iran. As a result, the purchase has pushed the high-end of the AG price to $300/mt FOB, which is an increase of $10/mt. The upward movement for the price point is slightly counter to the overall softening of the market. But in today's price assessment, the increase in the high-end of the AG price has been balanced by FW's usual practice of taking a netback for the low-end from the highest Indian contract price fixed during the week.