26 July 2010 04:39 [Source: ICIS news]
SINGAPORE (ICIS news)--Japanese acrylonitrile (ACN) producer Asahi Kasei has reduced its contract price nomination for August by $50/tonne (€39/tonne) on lower feedstock propylene cost and an ease in supply, a company source said.
Asahi has announced that its monthly Far East Contract Price (FECP) nomination for August shipments is $2,150/tonne CFR (cost and freight) Asia, down from July’s FECP at $2,200/tonne CFR Asia.
“The feedstock propylene cost is lower and supply/demand balance for ACN has improved compared with previous months,” the company source added.
Spot propylene prices have plunged about $200/tonne since mid-May to around $1,060/tonne CFR NE Asia, according to ICIS.
ACN supply has also lengthened after several ACN plants in Japan, Korea and Taiwan have resumed production following a heavy turnaround schedule earlier this year from February through April.
ACN spot prices have tumbled $200/tonne since late June to $2,070-2,120/tonne CFR NE Asia, according to ICIS. Asahi Kasei is among the major ACN producers in Asia. Other ACN producers include Taekwang Industrial, China Petrochemical Development Corporation (CPDC) and Shanghai Secco Petrochemical Co.
($1 = €0.77)
To discuss issues facing the chemical industry go to ICIS connect
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|