Europe ACN spot prices rise $70/tonne on tight supply

13 June 2014 23:59 Source:ICIS News

LONDON (ICIS)--European acrylonitrile (ACN) spot prices rose by $70/tonne this week, to $1,850-1,920/tonne, on the back of globally tight supply, sources confirmed on Friday.

Nevertheless, acrylic fibre demand remains weak and prices are being driven up purely by production outages across the world.

A deal was done at $1,920/tonne CIF (cost, insurance and freight) W Europe for 1,500 tonnes with an end-June delivery date, the buyer and seller involved confirmed.

The buyer involved said that it had been forced to purchase at this price because of tight supply.

Bids and offers at $1,850/tonne were widely confirmed in the market. Price ideas were as low as $1,800/tonne but firm bids or offers behind these price levels could not be confirmed.

INEOS Nitriles is expecting to be running its 280,000 tonne/year ACN plant at Seal Sands at normal volumes by 20 June following planned maintenance, a company source confirmed on Friday.

The plant is being brought back to normal production ahead of schedule because of the number of enquiries for material the company is receiving, the source said.

By Mark Victory