Acrylonitrile price dips amid thin spot activity in China

Asian acrylonitrile marker, the CFR Far East Asia and Southeast Asia were down US$30 a ton in the last week of February.

In China, sporadic offers for offshore cargoes were at US$990-1,000 a ton CFR China. Buyers were mainly on the sideline, and were noncommittal to deep-sea cargoes due to long freight period.

Acrylonitrile prices were lower week on week amid thin spot activity and stable to lower domestic markets in China which was flat to softer on the week. Meanwhile, US origin cargoes were offered amid tight supply.

In US, spot was stable eyeing propylene while the market continued to be talked around the US$800 a ton level for exports, which appeared to be at a floor price and sentiment was beginning to shift to more flat to bullish to end the Q1 and start the Q2. Acrylonitrile export assessment was stable week on week at US$795-805 a ton FOB USG.

In Europe, acrylonitrile spot prices rolled over on the week at US$798-802 a ton CIF Mediterranean. European acrylonitrile prices continued to hold on week as material was offered at discount from Russia, Belarus. Price declines in US, Asia was no threat to European acrylonitrile market.

Courtesy: Weekly PriceWatch Report