18 June 2012 09:51 [Source: ICIS news]
The intensifying eurozone crisis and falling crude oil prices have dampened buyers’ appetite.
“The US and European economic are fragile, which has severely influenced
Downstream acrylonitrile-butadiene-styrene (ABS), acrylic fiber (AF) and acrylamide plants are operating at low rates. The current average operating rate of ABS and AF plants is 60-65% of capacity, while that of acrylamide is around 50%.
“Our company may not raise the operating rate until downstream demand improves. However, summer is coming, and the [off-peak season for textile is probably] in July or even August,” an AF producer said.
Port inventories in
In addition to some producers in North China dumping their stock to the market,
“Many ACN producers all over the world have started to reduce production as falling prices and weak demand will limit spot supply,” a domestic producer said, citing
“On the other hand, ACN spot prices have dropped sharply and quickly, and producers are suffering the loss. It’s not surprising if some producers will have further [production] cuts in the near future,” the producer said, adding that prices may be close to bottoming out.
($1 = CNY6.37)
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|
Asian Chemical Connections