13 September 2013 10:28 [Source: ICIS news]
LONDON (ICIS)--An initial European September acrylonitrile (ACN) contract price has been agreed at an increase of €55/tonne ($73/tonne) because of rising upstream costs, the buyer and seller involved confirmed on Friday.
The European propylene contract price for September settled up by €60/tonne to €1,150/tonne FD (free delivered) NWE (northwest Europe), reflecting the firmer feedstock market while taking into account the autumn turnaround season about to get under way.
Coupled with this, ammonia – ACN’s other feedstock – free on board (FOB) Yuzhny spot prices rose by $5-40/tonne between the beginning of August and 6 September, adding further support for contract price negotiations.
“[The price increase is] more or less the cost increase when you take into account the ammonia [price rise],” the producer said.
European ACN contract negotiations are ongoing.
($1 = €0.75)
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