14 January 2011 23:59 [Source: ICIS news]
LONDON (ICIS)--European January acrylonitrile (ACN) contracts settled up by €120-127/tonne ($160-169/tonne) from December on the back of higher feedstock prices, buyers and sellers said on Friday.
January prices were assessed at €2,070-2,093/tonne FD (free delivered) NWE (northwest Europe).
ACN manufacturers had been looking to cover the increases in raw materials, and buyers had also been willing to match the rise in costs.
January contract discussions had progressed smoothly in comparison to the past two months. Last month, in an unprecedented step, November and December contracts settled at the same time on the back of strong disagreements in buy and sell side ideas for November prices.
The rise in propylene prices in Europe and the anticipated increase in January US propylene values was widely expected to reflect on ACN spot prices too in the coming weeks.
Latest European ACN spot price indications were $2,330-2,350/tonne CIF (cost, insurance and freight) WE (western Europe).
($1 = €0.75)
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