24 March 2013 16:38 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--Acrylic fibre (AF) prices in Europe will continue to fall in the short term on continuing weak demand, market sources who deal in acrylonitrile (ACN) said on Sunday.
Speaking on the sidelines of the International Petrochemical Conference (IPC), one market source said they do not think that AF prices have found their bottom.
“I think we are going to see prices go down even more in the next few weeks,” one said. “Demand is very weak, and I’m not sure it’s going to get better any time soon.”
Downstream European AF producers have estimated that year-to-date demand is down as much as 30% compared with a year ago. This is mostly because of poor economic conditions, which have limited consumer purchasing power.
ACN spot bids and offers in Europe for the week ending 22 March were at $1,900-1,950/tonne (€1,463–1,501/tonne) CIF W Europe.
Hosted by the American Fuel & Petrochemical Manufacturers (AFPM), the IPC continues through Tuesday.
($1 = €0.77)
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