Asian ACN marker, the CFR Far East Asia jumped US$41 a ton in the last week of July while Southeast Asia surged US$25 a ton on the week. In China, offers for offshore cargoes were hiked US$50-70 a ton CFR on the week. Acrylonitrile prices in Asian markets jumped on the week due to firm demand from South Korea while sellers withheld offers.
The uptrend is expected to continue into as Japan's Asahi Kasei shut its 200,000 ton a year acrylonitrile plant in Mizushima on 28 July following an outage at its cracker. It was unclear how long the ACN unit will remain shut.
In US, spot was flat amid tight supply but remained at one-year high after outage. Domestic price was stable despite higher propylene.
In Europe, fundamentals remained strong despite holidays while spot remained flat as propylene settled at rollover for August.
Courtesy: Weekly PriceWatch Report
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