Demand for Acrylonitrile (ACN) spot prices continued to remain sluggish at previous week's level even in face of supplies being tight and higher propylene feedstock prices, sources said.
ACN prices at $1400 per metric ton CFR Asia levels are already on the higher side.
Poor demand from finished products like ABS and acrylic fiber markets have put pressure on derivative markets.
China's local prices of ACN are around RMB 13000 per metric ton ex tank resulting to below $1320 per metric ton CFR level on import parity basis.
Price rise is not possible as Chinese buyers have turned back from ACN purchase of overseas markets and Asian buyers undecided on accepting the current high price offers, they said.
March bids will have to be finalized though, due to low stock levels and there are few offers on cargoes in transit, sources said.
Shutdowns planned for maintenance beginning March and April in Asia will arrest any sharp declines in spot offers.
Therefore, reasonable price of ACN should be around $1320 per metric ton CFR Asia mark or $10 per metric ton higher, sources observed.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
