India ACN prices may rise further as deep-sea supply dwindles

24 February 2010 04:03  [Source: ICIS news]

SINGAPORE (ICIS news)--Acrylonitrile (ACN) prices may rise further in India – primarily a spot driven market, which tends to pay the highest price in a tight global market, traders said on Wednesday.

The global ACN supply crunch had seen product prices rising rapidly in Asia. ACN prices soared $300/tonne (€222/tonne) from mid January to $2,150-2,200/tonne CFR (cost and freight) NE (northeast) Asia.

In India, prices have hit $2,200-2,250/tonne CFR India last week and could hit $2,400/tonne CFR India soon, traders and producers said.

India is a spot market and with deep-sea supply drying up in Europe and the US Gulf, Indian customers may have no choice but to pay $2,400/tonne CFR basis,” a trader said.

In the US, ACN spot prices are currently at $2,200/tonne FOB US Gulf.

With freight costs from the US to India at least around $100/tonne, this will work out to at least $2,300/tonne CFR India, market players said.

($1 = €0.74)

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By: Helen Yan
+65 6780 4359



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