European ACN spot weakens further on improved supply
23 July 2010 23:59 [Source: ICIS news]
LONDON (ICIS news)--European acrylonitrile (ACN) spot prices were assessed down by $50-250/tonne (€39-195/tonne) this week as availability continued to improve, market sources said on Friday.
Prices were assessed down by $50/tonne at the upper end of the range and $250/tonne on the lower end, to $1,900 - 2,200/tonne CIF (cost, insurance and freight) WE (western Europe).
ACN buyers and traders continued to report improvements in spot availability on the back of the increased number of offers in the market.
Offers at $2,000/tonne were refused by buyers this week, and a trader reported that it had concluded a sale at $1,870-1,890/tonne CIF WE for August delivery.
Meanwhile a large producer was in negotiations for a sale at $2,200/tonne CIF WE.
There was also product on offer from
Sources across the market reported that many players were taking a wait and see approach, as further falls in prices were expected.
Buyers and traders were understood to not want to commit to buying cargoes from abroad because domestic spot prices could fall considerably in the time taken for the product to reach
A buyer believed that by September, values of $1,500/tonne CIF could be reached.
($1 = €0.78)
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By: Rita Menezes
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