19 April 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--European acrylonitrile (ACN) spot price ideas fell by $50/tonne (€39/tonne) at the top end of the range this week because of poor demand and increasing offers from overseas, buyers and sellers said on Friday.
This is the fifth consecutive week of ACN spot price falls - they have decreased by 11% since 8 March.
The majority of bids and offers are within a $1,700-1,750/tonne CIF (cost, insurance and Freight) W (western) Europe range. Although a minority of sellers continue to see prices as high as $1,850/tonne, no business has been concluded this week at this level.
There has been an increase in offers from the US because of capacity coming back onstream in the next few weeks following maintenance outages.
Several buyers and sellers are predicting that prices will fall below $1,700/tonne CIF W Europe in the next few weeks because they expect propylene prices in the US to fall, giving the region a feedstock cost advantage over Europe. Several buyers and sellers said that they expect ACN spot prices to bottom-out at $1,650/tonne CIF W Europe, although some sources put this level at $1,600/tonne CIF W Europe.
($1 = €0.77)
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