Low demand for downstream Acrylonitrile butadiene styrene (ABS) and certain acrylic fibres resulted drop in buyer bids for Acrylonitrile (ACN), considerably.
However, sources report that the traders are firm on their offers.
ACN prices currently stand at levels US $1420 per metric ton CFR.
Though there is buyer resistance at these rates, traders expect price to rise further supported by the limited supply of ACN in Asia.
NYMEX prices for crude oil closed at 62.75 yesterday, showing a a $2.37 increase per barrel.
Analysts predict that this rise will affect next weeks ACN prices.
Hence, traders are closing their offers, foreseeing an optimistic future.
marketing@alchempro.com
