01 February 2013 21:44 [Source: ICIS news]
HOUSTON (ICIS)--US January acrylonitrile (ACN) contract prices for domestic delivery (DEL) rose by an average of 14.03 cents/lb ($309/tonne, €229/tonne) on the back of higher feedstock propylene cost, sources confirmed on Friday.
The formula-based contract put DEL prices at 110.51-114.49 cents/lb and export freight on board (FOB) contract prices at 84.14-87.32 cents/lb, which is up an average of 13.15 cents/lb from the December contract price.
The domestic DEL formula involves the change in contract price for propylene and the change in the average ammonia spot prices during the month. The export FOB contract price formula examines the change in spot prices for the month. Both contract prices also involve the use of an adder.
The contract prices are determined after the month’s data has been gathered.
Market sources were not surprised by the upward movement of prices as the January propylene contract price rose by 15 cents/lb.
Early nominations for February propylene are also showing an increase.
ACN producers in the Americas include Ascend Performance Materials, Cornerstone Chemical, INEOS Nitriles and Unigel.
($1 = €0.74)
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