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2010-12-22
Spot acrylonitrile prices rose $5/mt this week to reflect positive sentiment as cotton prices hit an all-time high and feedstock propylene prices are set to spike when the January contract settles.
"Cotton closed at 154 cents/lb, just below November's all-time highs of 157 cents/lb, but this morning has set a fresh all-time high of 159 cents/lb. Cotton fundamentals remain firm with supplies tight and inventories thin," Barclays said Tuesday. The bank added that Chinese cotton imports were up 80% up year-on-year to 2.4 million mt.
In the market for feedstock propylene, sources said they expected a Eur70-100/mt increase in the January contract.
ACN producers claimed supply was scarce. "The market is still very tight. There is no spot material available and demand for January is still healthy," a producer said. A producer said it was managing inventories ahead of a planned ACN plant shutdown in Q2 next year.
Producers were heard quoting $2,230-2,250/mt CIF Med, a range which consumers felt was not justified given the slow demand. "There isn't any buying interest for December. This can be seen in the Asian price as well, which is stable despite cotton prices," a source said.
$1=CNY6.65
source:CCFGroup.com
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