Asian acrylonitrile marker, the CFR Far East Asia and Southeast Asia partially regained US$20 a in the last week of January.
In China, offers for offshore cargoes were stable at US$1,000-1,050 a ton CFR China after falling sharply by US$150 previous week. In East China, domestic prices stood at 7,700-7,900 Yuan a ton.
Acrylonitrile prices moved up further in Asia on tight availability and firmer Chinese market. However, thin spot activity due to Chinese holidays limited the rise while plants ran at reduced rates.
In US, acrylonitrile spot fell further on improved supply while arbitrage window to Asia remained open. Meanwhile, January propylene settled down easing cost pressure.
Acrylonitrile export assessment further fell US$10 a ton FOB USG.
In Europe, acrylonitrile spot held firm on stable demand while low propylene turned sentiment bearish. Prices were believed to have bottomed out amid low margins but buying interest remained lukewarm.
Courtesy: Weekly PriceWatch Report
