Corrected: Europe acrylonitrile June contracts settle at rollover to plus €10/t

18 June 2010 23:59  [Source: ICIS news]

Correction: In the ICIS news story headlined "Europe acrylonitrile June contracts settle at rollover to plus €10/t" dated 18 June 2010, please read in the third paragraph ...€1,918-1,965/tonne... instead of... €1,908-1,975/tonne. A corrected story follows.

LONDON (ICIS news)--European acrylonitrile (ACN) June contracts settled at a rollover to plus €10/tonne ($12/tonne) from May amid a tight market and falling feedstock costs, producers and buyers said on Friday.

Two large European producers reported that the majority of June contracts had settled up €10/tonne on May prices. However, there was one exception as a major buyer in the region settled contracts with both producers at a rollover.

June prices were assessed at €1,918-1,965/tonne FD (free delivered) NWE (northwest Europe).

Producers continued to cite a tight market as a reason for price increases, while buyers argued that falls in raw material costs justified a rollover.

Nevertheless, the price increase was moderate in comparison to previous months when ACN contract prices rose sharply. In April prices increased €90-120/tonne over March and in May contracts settled up €43-50/tonne on the previous month.

The European ACN spot market also showed signs of softening prices this week on the back of stronger resistance from buyers, downward pressure on prices in Asia and falling feedstock costs.

($1 = €0.81)

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By: Rita Menezes
+44 208 652 3214

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