08 March 2013 08:30 [Source: ICIS news]
SINGAPORE (ICIS)--Japan’s Asahi Kasei increased its March acrylonitrile (ACN) contract nomination by $50/tonne (€38/tonne) from February level, a company source said on Friday.
It nominated $2,100/tonne CFR (cost & freight) Asia as its Far East Contract Price (FECP) for March, compared with $2,050/tonne CFR Asia for February.
The limited deep-sea cargo supply and tight regional availability made the producer increase March contract nomination, according to the source.
“I think the March FECP is too high, beyond our expectation as the prevailing feedstock [price] is dropping and demand is also weak. It is difficult to pass on to downstream users,” a China-based trader said in Mandarin.
Asia ACN prices were assessed as stable at $1,950-2,050/tonne CFR NE Asis on 1 March amid tight supply despite falling feedstock propylene prices, according to ICIS.
($1 = €0.76)
With additional reporting by Ivy Ruan
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