28 January 2011 21:21 [Source: ICIS news]
The formula-based contract price for ACN jumped to 97.09-105.11 cents/lb ($2,140-2,317/tonne, €1,563-1,692/tonne). The increase comes mostly from the surge of the January contract price for CGP, which went up by 11-15 cents/lb.
The New Orleans spot free on board (FOB) ammonia price also increased to $478-500/ton (€358-402/tonne) from $434-435/ton week-on-week.
A producer said the ICIS formula-based prices were slightly lower than what was in the market, but a buyer said the prices were in line with market conditions.
Supplies of ACN have been limited because of planned maintenance at facilities across the globe. Meanwhile, high cotton prices have caused demand to strengthen for acrylic fibre (AF).
Both factors have pushed ACN prices toward near-record levels.
In the US Gulf (USG) spot market, ACN prices jumped $100/tonne week on week on news that material remained tight, and producers were starting negotiations at $2,500/tonne.
Currently, USG spot ACN is assessed by ICIS at $2,300-2,400/tonne FOB.
Major US producers of ACN are Ascend Performance Materials, Cytec Industries and INEOS Nitriles.
($1 = €0.73)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|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|
Asian Chemical Connections