Europe ACN spot prices continue downturn with $50/tonne reduction

29 July 2011 17:59  [Source: ICIS news]

LONDON (ICIS)--European acrylonitrile (ACN) spot numbers continued their decline with a $50/tonne (€35/tonne) drop this week amid soft demand, sources said on Friday.

The August shutdown period is restricting buying interest from downstream acrylonitrile-butadiene-styrene (ABS) customers and acrylic fibres producers say they have enough inventory to see them through the month.

A couple of traders say they cannot sell anything in the market for more than $2,250/tonne (€1,575/tonne) CIF (cost, insurance & freight) WE (Western Europe), although a producer questioned whether the market was indeed falling so fast, given that deals had been done last week at $2,400/tonne and $2,300/tonne CIF WE.

A Turkish producer is understood to be offering a 2,000 tonne cargo, which players took as a sign the market is long because this particular manufacturer rarely enters the spot market. One trader said it was offered at $2,500/tonne, which is far too high for the market, while another said the lot was taken at $2,150/tonne. However, no confirmation was heard either way.

Spot prices have now fallen by $600–650/tonne since 13 May 2011, to $2,250–2,350/tonne CIF WE, although the current range is notional, given the lack of deals done.

($1 = €0.70)

For more on ACN visit ICIS chemical intelligence

By: Amandeep Parmar
+44 208 652 3214

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