Asahi Kasei ups June ACN nomination
23 May 2008 04:55 [Source: ICIS news]
SINGAPORE (ICIS news)--Japanese acrylonitrile (ACN) major, Asahi Kasei, has raised its June contract nomination by $70/tonne from the previous month on rising upstream costs and tight supply, a company source said on Friday.
The June Far East Contract Price nomination was at $2,130/tonne on a CFR (cost and freight)
“We have no choice but to hike our June contract offers due to costs pressures from soaring naphtha and propylene feedstock values,” he said.
Naphtha prices had soared to $1,125/tonne CFR Japan, lifted by crude which surged to $135/bbl earlier this week. Propylene feedstock values had also risen to more than $1,500/tonne CFR NE Asia.
However, resistance to the new June offers from the downstream acrylic fibre (AF) and acrylonitrile-butadiene-styrene (ABS) producers was expected, given the weak AF and ABS markets.
Several AF producers, including Ningbo Rayon and JiMont Fibre, had been operating at reduced rates while a Chinese AF maker, Qinghuangdao Acrylic Fibre, had closed down due to the poor margins.
By: Helen Yan
+65 6780 4359
< previous article(VIDEO - ICIS news Asia Lunchtime Bulletin 2 November 2009)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
Links posted in this story:
|
|
Related Articles
- 17 Jun 08 03:47 Asahi revises June ACN offer to $2,250/tonne
- 10 Jun 08 06:54 Taiwan’s Tong Hwa runs AF at 70% on low margins
- 05 Jun 08 09:29 China’s Jilin Fiber restarts 236,000t/y AF units
- 27 May 08 09:10 APIC ’08: Tongsuh shuts down Ulsan ACN lines
- 27 May 08 08:49 APIC ‘08: Asahi to begin work on Thai ACN in Aug
- 23 May 08 08:52 Crude futures gain over $1/bbl on supply concerns
- 13 May 08 05:51 Asia ACN likely to firm on feedstock costs
- 08 May 08 09:29 Asahi Kasei’s full-year operating profits fall 0.1%
- 08 May 08 08:09 Asahi Kasei to shut down adipic acid plant
- 08 May 08 04:26 Asahi Kasei runs Mizushima benzene at low rates
- 02 May 08 05:24 Asia April adipic acid contracts fall $10-20/t
- 28 Apr 08 05:19 Asahi runs Mizushima ACN line at 50% capacity
- 24 Apr 08 04:31 Asahi Kasei ups May ACN nomination by $40/t
- 15 Apr 08 05:01 Asia ACN targets record $2,000/tonne in Q2
Latest News
- 26 Nov 09 19:33 Corrected: Aromatics trading takes financial muscle and global reach
- 26 Nov 09 17:53 Black Sea prilled urea climbs $7-12/t, follows rise in granular
- 26 Nov 09 17:47 Offers under Engro DAP tender reflect sellers’ higher price ideas
- 26 Nov 09 17:41 Initial Europe December propylene settles up €10/tonne
- 26 Nov 09 17:25 MOVES: Austria’s Donau Chemie appoints Geiger as CEO
Barbara Ortner looks at the off-beat and unusual side of chemical industry life.
ICIS Chemicals Confidential