ACN price plunges: International price news
Acrylonitrile (ACN) prices drift lower in the European region.
On Friday, CIF MED ACN prices were assessed at the USD 1145-1155/mt levels, a week-on-week drop of USD (-15/mt).
Prices declined as demand emotions were reported to be consistently poor due to restricted buying activity caused by grim macroeconomic conditions such as inflationary pressures and rising interest rates. A regional oversupply scenario also had a role in pulling prices lower. Furthermore, unfavourable demand feelings in the downstream ABS sectors and bearish upstream propylene values weighed on prices.
Market participants expressed worry that macroeconomic headwinds such as inflation and recession had harmed market fundamentals and that there was little likelihood of a rebound in demand for the rest of the year.
Spot propylene prices on Thursday were assessed at the Euro 430-440/mt FD North West Europe levels, a tumble of Euro (-60/mt) from the previous week.
The propylene feedstock contract price for June 2023 settled at the Euro 1050/MT FD North West Europe levels. This price represents a sharp drop of Euro 80/MT from its May 2023 settlement levels.
Meanwhile, in Asia, ACN prices on Friday were assessed at the USD 1240-1250/mt CFR Far East Asia levels, unchanged week on week.