28 March 2011 19:57 [Source: ICIS news]
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The trader said he was in a buying mood for April because ACN prices are expected to continue increasing on the back of rising costs for feedstock chemical-grade propylene (CGP).
Sources said they are expecting CGP prices to increase between 7-11 cents/lb ($154-243/tonne, €110-172/tonne) for the April contract.
Also, the trader said that power issues for Japanese companies during the summer are expected to create tightness in the ACN market, further aiding to price strength.
Currently, ACN out of the US Gulf is assessed by ICIS at $2,650-2,700/tonne (€1,882-1,917/tonne) FOB.
($1 = €0.71)
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