30 November 2011 06:10 [Source: ICIS news]
SINGAPORE (ICIS)--China’s spot prices of acrylic acid (AA) and acrylate esters may fall further, after declining in November because of weak demand, abundant domestic supply and downbeat market sentiment, industry sources said on Wednesday.
The prices of butyl acrylate (butyl-A), which is reference point for acrylate ester prices, were assessed at yuan (CNY) 12,500-13,000/tonne ($1,960-2,040/tonne) in east China at the end of November, down by CNY3,700-3,900/tonne month on month, according to ICIS data.
There is ample domestic supply because most plants were operating at high rates in November, while demand is weak because of the approach of winter and a softening economy, the source said.
“December is the traditional off-peak season. I have no confidence that the market will improve,” a downstream producer said.
($1 = CNY6.38)
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