17 January 2014 23:59 [Source: ICIS news]
LONDON (ICIS)--The European acrylonitrile (ACN) January contract price has settled at an increase mirroring the movement in the upstream propylene January contract price, buyers and sellers confirmed on Friday.
The settlement matched early expectations. The January propylene contract price settled at a rise of €20/tonne, representing a cost increase of €22/tonne from propylene at the broadly accepted production ratio of 1.1 tonnes of propylene to 1 tonne of ACN.
Prices of ammonia - ACN’s other feedstock - from Yuzhny, Ukraine, have fallen by €10/tonne at the top end of the range, representing a €5/tonne cost reduction at the high end at the broadly accepted production ratio of 0.5 tonnes of ammonia to 1 tonne of ACN.
January ACN contract prices €2,031-2,049/tonne FD (free delivered) NWE (Northwest Europe).
In Europe, ACN contract prices are pre-discounted and typically define key ACN accounts settled on a monthly basis.
The general consensus is that the European contract range is representative of the resins industry. This is used as a benchmark for fibre contracts which are held at lower numbers.
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