Acrylonitrile prices plunge amid dull demand

Asian acrylonitrile marker, the CFR Far East Asia declined US$85 a ton in the third week of January.

In China, offers for offshore cargoes fell US$150 a ton CFR China from previous week. In East China, domestic prices stood US$974-$987 a ton on an import parity basis.

Acrylonitrile prices in Asian markets declined sharply on weaker demand and falling Chinese domestic prices falling for successive days.

ACN suppliers in China continued to cut spot offers that week resulting in wait-and-see sentiment dominating the market.

Buyers bought hand to mouth volume and were noncommittal to deep-sea cargoes due to long freight period.

Traders were keen to sell on expectation of market length from new capacity, while buying interest remained lukewarm.

In US, acrylonitrile spot slipped tracking Asia while lower downstream pricing boosted demand. Acrylonitrile export assessment fell US$10 a ton FOB USG.

European acrylonitrile prices held stable despite expectation on lower feedstock.

Courtesy: Weekly PriceWatch Report