25 May 2011 05:32 [Source: ICIS news]
By Helen Yan
SINGAPORE (ICIS)--Acrylonitrile (ACN) prices in ?xml:namespace>
ACN spot prices have fallen by $100/tonne (€71/tonne) since early May to $2,650-2,750/tonne CFR (cost and freight) NE (northeast)
ACN spot prices were on an uptrend since August 2010 until mid-May this year, when a number of AF producers have cut operating rates or shut down production in
AF - used in clothing and home furnishings such as carpets, upholstery and cushions -accounts for more than half of
“We expect ACN prices to continue to fall further as demand has dropped significantly in
Buying indications from Chinese traders this week have plunged to $2,400/tonne CFR NE Asia for June shipments, down from previous bids of $2,600/tonne CFR NE Asia in early May, in line with sharp falls in ACN values in the domestic Chinese market.
Chinese domestic ACN prices tumbled to yuan (CNY) 19,000/tonne EXWH (ex-warehouse) this week, down by CNY2,000/tonne ($307/tonne) since the end of April, according to traders.
AF plants in
In response to the weak demand, major Chinese ACN producer Jilin Petrochemical has brought forward a planned turnaround of its three ACN lines to June from July, a company source said. The lines have a combined capacity of 332,000 tonnes/year.
Meanwhile, ACN supply is expected to ease when PTT Asahi Chemical starts commercial production at its new 200,000 tonne/year ACN plant in
The plant is currently on trial runs, with commercial production likely to commence in July, said a company source.
“We expect ACN supply to ease soon and we are not looking to buy spot,” said a downstream AF producer.
($1 = €0.71 / $1 = CNY6.50)
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