Initial ACN October contract agreed at minus €40/tonne - buyer

10 October 2013 16:24  [Source: ICIS news]

LONDON (ICIS)—A buyer has agreed an initial acrylonitrile (ACN) settlement at a reduction of €40/tonne compared with September, it said on Thursday.

The producer could not be immediately reached for confirmation.

October ACN contract prices have been widely expected to fall because of lower feedstock costs.

The October propylene contract fell by €40/tonne. Ammonia – ACN’s other feedstock – spot prices in Yuzhny, Ukraine, have fallen by $10-15/tonne since the beginning of September.

Buyers had been targeting price reductions of at least €40/tonne, in line with the fall in feedstock contract prices because of weak downstream margins.

One producer was 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.

Negotiations are ongoing.

($1 = €0.74)

By: Mark Victory
+44 208 652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly