08 March 2006 11:18 [Source: ICIS news]
LONDON (ICIS news)--The remaining European acrylonitrile (ACN) Q1 settlements have been concluded at a decrease of Euro15/tonne, reflecting feedstock price movements in Q1, a number of buyers and sellers said on Wednesday.
This was in line with the rest of Q1 contract settlements reported earlier in the quarter by buyers and sellers. These were concluded at a decrease of Euro15-20/tonne.
The price spread for Q1 was established at Euro1,540-1,575/tonne free delivered (FD) Northwest Europe (NWE), down from the Q4 range of Euro1,555-1,595/tonne FD NWE, according to global price reporting and market intelligence service ICIS pricing.
A number of buyers had been aiming to achieve Euro20/tonne decreases on the back of a Euro25/tonne fall to Euro785/tonne FD NWE in Q1 propylene contract prices and a softer ammonia market.
But some producers negotiated hard to achieve a Euro15/tonne decrease, claiming that there was a need to recover margins lost in previous contract settlements, particularly in Q4.
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