LONDON (ICIS)--European spot acrylonitrile (ACN) prices fell by $50/tonne at the top end of the range amid continued weak demand, sources said on Friday.
Although some traders said that they believed prices remained around $1,800/tonne, there were no bids or offers behind this sentiment, while bids and offers at $1730-1,750/tonne were confirmed in the market.
The fall in European spot prices follows falling Asian ACN spot prices in recent weeks. Cost and freight (CFR) north east (NE) Asian spot prices have fallen $50-110/tonne since 28 March.
The European market was quiet this week because of limited buying interest and uncertainty over the future direction of prices.
Several sources believe that spot prices may have bottomed out and have moved to the sidelines until the evolution of prices becomes clearer. Demand has also been limited in line with wider sentiment across petrochemical markets as shown by the ICIS Petrochemical Index (IPEX).