Acrylonitrile price sinks amid increasing supply in Asia, up in US

Asian acrylonitrile marker the CFR Far East Asia moderated US$50 a ton while Southeast Asia was up US$5 a ton in the second week of January.

In China, offers for offshore cargoes were at US$1,100, seeing cautious buying interest. Buyers were noncommittal to deep-sea cargoes due to long freight period.

Acrylonitrile prices fell in Far East Asian markets as supply increased in China, on new plant start up supply. In China, domestic price also fell while those in Southeast and South Asia remained unchanged.

In US, acrylonitrile spot rose on increased demand while supply improved at the start the year, but the majority of US producers ran at reduced rates due to weak margins.

Export assessment also increased on the week. US prices also appeared surpassing those of Europe. Export prices further gained US$10 a ton.

In Europe, spot prices were at a roll over while they are expected to increase later in the month due to lack of imports. Buyers and sellers were at stalemate on prices.

Courtesy: Weekly PriceWatch Report