Asian acrylonitrile prices again gained US$20 a ton CFR Far East Asia in the third week of March while Southeast Asia was up US$70 a ton on the week. In China, offers for offshore cargoes were steady while Indian ACN prices gained US$30 a ton on the week.
Acrylonitrile prices continued to rise for the seventh week in succession in Asian markets due to tightness in supply on turnarounds and lack of feedstock. In China, spot prices held stable while discussions lifted despite sellers offering flat on insipid trades.
Tightness is seen set to continue into Q2 in US as acrylonitrile spot was at its 25-month high with market eying March propylene contracts. Pricing will remain firm as fundamentals persist. US acrylonitrile export price was steady week on week, assessed at US$1,590-1,610 a ton FOB USG.
European acrylonitrile supply cut added market's bullishness as Ineos Nitriles declared FM at Seal Sands, UK. Global outlook too remained bullish. European ACN prices further surged US$50 a ton CIF Mediterranean on the week.
Courtesy: Weekly PriceWatch Report
