05 April 2011 23:09 [Source: ICIS news]
HOUSTON (ICIS)--Cornerstone Chemical declared force majeure (FM) on US acrylonitrile (ACN) effective 4 April, a trader said on Tuesday.
Cornerstone is putting its 227,250 tonne/year ACN plant in Fortier, Louisiana, in turnaround for maintenance in May. The FM is a pre-emptive measure to allow the company to build inventories for May sales, the trader said.
As a result, Cornerstone has put customers on a sales allocation of 75% and is running the plant, the trader said.
Attempts to reach Cornerstone for confirmation were unsuccessful.
The US supply of ACN has been short, and the FM is expected to tighten the market further, although Cornerstone represents less than 20% of US production.
US March ACN domestic contract prices are assessed by ICIS at 113-115 cents/lb ($2,491-2,535/tonne).
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