Japan’s Asahi cuts Sept ACN contract by $80/tonne

SINGAPORE (ICIS news)--Japanese acrylonitrile (ACN) producer Asahi Kasei has reduced its September Far East Contract Price (FECP) by $80/tonne to $2,350/tonne CFR (cost and freight) Asia from August due to weak demand, traders said.

Asahi’s August FECP was $2,430/tonne CFR Asia.

The decline reflects the sluggish ACN market which has been depressed as downstream acrylic fibre (AF) and acrylonitrile-butadiene-styrene (ABS) plants cut operating rates amid a slowing global economy.

“The ACN market has been practically flat with no spot demand from the downstream AF or ABS sectors. The buyers are in a wait-and-see stance in a bearish market,” a Japanese trader said.

Spot prices have slipped in recent weeks to around $2,000/tonne CFR northeast (NE) Asia, down about $100/tonne since August.

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