04 October 2013 17:36 [Source: ICIS news]
LONDON (ICIS)--European October acrylonitrile (ACN) contract prices are widely expected to fall, although discussions are at an early stage because of the drop in the feedstock propylene October contract price, sources said on Friday.
The October propylene contract fell by €40/tonne ($55/tonne). Spot prices of ammonia - ACN’s other feedstock - in Yuzhny, Ukraine, have fallen by $10-15/tonne since the beginning of September.
Buyers are targeting price reductions of at least €40/tonne, in line with the fall in feedstock contract prices because of weak downstream margins.
One producer is aiming to limit price falls to around €20/tonne because of good demand in most downstream sectors.
Buyers confirmed that they had received starting offers from producers at a reduction of €20/tonne.
Discussions are not expected to begin in earnest until after the 47th annual European Petrochemical Association meeting in Berlin, 5-9 October.
($1 = €0.73)
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