08 November 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--The European acrylonitrile (ACN) November contract price has been agreed at a reduction of €35/tonne, producers and buyers involved confirmed on Friday.
The decrease was the result of a €30/tonne ($41/tonne) fall in the feedstock propylene contract price, representing a cost pass-through of approximately minus €33/tonne.
Spot prices in Yuzhny, Ukraine, of ACN’s other feedstock, ammonia, have fallen by $10-35/tonne since the beginning of October, representing a cost pass-through of approximately minus €3-13/tonne.
The production ratio for ACN uses approximately 1.1 tonnes of propylene and 0.5 tonnes of ammonia to make one tonne of ACN.
An initial settlement was agreed on Friday, before gaining further support.
The ACN November contract settled at a pre-discounted level of €1.983-2,005/tonne FD (free delivered) NWE (northwest Europe).
($1 = €0.74)
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