03 May 2013 16:23 [Source: ICIS news]
LONDON (ICIS)--European acrylonitrile (ACN) buyers are targeting May contract price reductions of at least €100/tonne, because of falling feedstock costs and weak demand, they said on Friday.
The May propylene contract price finalised at a drop of €80/tonne from April. This equates to a cost pass-through of around €88/tonne.
Several buyers and sellers estimated overall ACN consumption in April at 15% below March levels.
Producers are yet to set firm price targets. Nevertheless, they said they will aim to limit price reductions by as much as possible because of the need to restore margins.
Negotiations are at an early stage.
($1 = €0.77)
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