22 June 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--European acrylonitrile (ACN) June contracts have settled at a reduction of €120-140/tonne ($150-175/tonne), buyers and sellers confirmed on Friday.
The fall in prices was the result of lower feedstock costs, weak demand and lower energy costs.
Upstream June propylene contracts settled at a reduction of €125/tonne.
ACN June contract falls at more than the propylene pass-through were the result of weak demand and falling spot prices.
European ACN spot prices have fallen by 20-21% in the past four weeks on low consumption and weak offtake from Asia. Spot prices are weakening further because of expectations that July will see another round of significant reductions in upstream costs.
The June ACN contract price represents a fall of 5-6% compared with May.
June ACN contracts settled at a prediscounted level of €2,040-2,098/tonne FD (free delivered) NWE (northwest Europe).
($1 = €0.80)
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