03 May 2013 16:48 [Source: ICIS news]
LONDON (ICIS)--April was the worst month for European acrylonitrile (ACN) demand so far in 2013, buyers and sellers said on Friday.
“April [demand is the] very weakest month so far [this year],” an ACN producer said.
This was attributed to several factors, including the Easter holiday period; weak macroeconomic conditions reducing demand from the textile and automotive end-use sectors; and expectations of lower prices in May in anticipation of feedstock cost reductions in Europe and the US, coupled with increased imports from overseas moving buyers to the sidelines of the market.
With capacity expected to come back on stream in the US following the end of production outages, European buyers are already seeing increased offers of material from the region.
Several buyers and sellers estimated overall ACN consumption in April at 15% below March levels.
“Weaker in April than March, weakest [month of the year] so far, 15% down [compared with March],” another ACN producer said.
Weak demand in April caused ACN spot prices to fall by 8% across April.
($1 = €0.77)
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