LONDON (ICIS)--European acrylonitrile (ACN) spot bids and offers have risen for the first time since 13 September 2013 because of globally tight supply, rising feedstock costs and restocking, sources confirmed on Friday.
Spot prices ideas rose by $50-80/tonne this week, to $1,790-1,850/tonne CIF (cost, insurance and freight) NWE (northwest Europe). Several European producers said that they are now holding back spot material from the market in anticipation of higher prices in the next few weeks.
Several European producers said that they are now holding back spot material from the market in anticipation of higher prices in the next few weeks.Buying interest is particularly strong in Asia, with several buyers in the region looking to source material for post-Lunar New Year deliver. Asia's ACN prices rose to $1,900-1,920/tonne CFR (cost and freight) Asia this week because of limited supply availability and rising feedstock propylene prices.
European restocking was in line with traditional trading patterns following the conclusion of year-end shutdowns.
The upstream European January contract price was agreed at a $20/tonne rise.
Additional reporting by Judith Wang