(ICIS) -- South Korean and European sellers of toluene di-isocyanates (TDI) are currently locked in a tough price competition in Nigeria, given sluggish demand at their traditional main markets, industry sources said on Wednesday. Nigerian TDI importers have retreated to the sidelines, expecting further declines in prices, they said.
Prices were discussed at USD 2,280-2,450/tonne (EUR 1,664-1,789/tonne) CFR (cost and freight) Lagos this week, down USD 100-170/tonne from two weeks ago, market sources said.
Nigeria is the largest TDI market in Africa, where Europe sells material at competitive prices because of geographical proximity.
TDI is used in the production of flexible polyurethane foam, which has applications in upholstered furniture and car seats, among others.
Downstream foamers in Nigeria are currently not in a hurry to restock TDI supply given recent heavy rains in the country, said a key local trader.