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
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|