US ACN export market grinds to halt on higher Sept propylene

A wide gap in price between seller’s idea and buying intentions has immobilized the US acrylonitrile (ACN) export spot market. Persistent increases in feedstock propylene prices have resulted in difference between buyers and sellers' price ideas. Buyers opine that a per ton price of mid $1300 with 90 days credit in the export market is a fair deal. As per ICIS, chemical-grade propylene contract prices for September rose to 55.50 cents/lb (US$1224/ton). This months increase of 12 cents/lb makes ACN spot deals below US$1500/ton FOB (free on board) US Gulf unattractive. Export spot deals out of the US Gulf have been few and far between as currently producers are focusing on domestic contract business while spot buyers are digging into their reserves, hoping feedstock prices will stabilise and ACN prices will come down. ACN August contracts prices rose by about 10% over the previous month, global chemical market intelligence service. ACN contracts are formula based, using August feedstock pricing. The US domestic contract price for August increased by 9% over the previous month, to US$1458-1554/ton DEL (delivered), while export contract prices jumped 11% to US$1273-1303/ton DEL.
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