NewsFlashAsia ACN hits historical high at $2,040/t
08 May 2008 03:56 [Source: ICIS news]
SINGAPORE (ICIS news) – Asia acrylonitrile (ACN) prices have hit a historical high at $2,040/tonne boosted by soaring domestic Chinese prices and high feedstock propylene values, producers said.
The price was assessed on a CFR (cost and freight ) northeast (NE) Asia basis.
Domestic prices in China have jumped up to around yuan (CNY)17,000/tonne ($2432/tonne) ex-tank, up more than CNY1,000/tonne since March.
Feedstock propylene prices have increased by more than $150/tonne in the past month to around $1,450/tonne CFR NE Asia while hikes of 5-8 cents/lb had been suggested for May US chemical grade propylene (CGP) contracts. April chemical grade contracts in the US were settled at 63.50 cents/lb.
"We have no choice but to increase our prices due to squeezed margins from high propylene feedstock costs," a producer said.
A major Japanese ACN producer has nominated $2,060/tonne CFR Asia for its May contracts, up $40/tonne from its April contract nomination.
Although demand from downstream acrylic fibre (AF) and acrylonitrile-butadiene-styrene (ABS) producers remained relatively sluggish, buying interest from the other derivative acrylamide (AM) producers has strengthened, traders said.
($1 = CNY6.99)
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