Further Europe Q2 ACN deals agreed down €10/t
30 April 2008 15:38 [Source: ICIS news]
LONDON (ICIS news)--Further second-quarter acrylonitrile (ACN) contracts have been settled, down €10/tonne ($16/tonne) on first-quarter following reports of rollovers last week, a buyer confirmed on Wednesday.
The seller, who was not available to confirm the deal, last Friday reported deals done at a rollover on the first quarter.
The buyer reported additional offers from producers at a rollover, but said that, as it had already established a benchmark level it was not willing to agree to those terms.
First-quarter ACN contracts were settled at €1,845-1,855/tonne ($1,181-1,187/tonne) FD (free delivered) NWE (northwest
Producers have faced high propylene and ammonia costs since the beginning of the year, and were keen to recoup around €30-40/tonne of lost margin in the second quarter.
However, with the second-quarter propylene settlement down €18/tonne, producers were so far unable to secure increases in second quarter ACN prices.
Producers also acknowledged that ACN buyers were facing a sluggish market in the downstream acrylic fibres sector.
($1 = €0.64)
For more on ACN visit ICIS chemical intelligence
By: Mike Nash
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