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For the Quarter Ending September 2023
North America
The Acrylonitrile prices showcased bearish movement in the North American region, and prices fell by almost 17% during the Q3 of 2023 amid low offtakes due to sluggish manufacturing activities in the downstream industries. The feedstock Propylene contracts remained low in the region because of the excess availability of upstream Propane stocks throughout the quarter. It reduced the cost of support and negatively impacted the production costs of ACN. During the mid-quarter, shipping, and freight routes were affected amid the decline in Mississippi and Ohio river water levels and delayed shipping route activities through the Panama Canal. Meanwhile, the hike in bank interest rates by the Federal Reserve Bank to cool down the rising inflation resulted in a decline in demand from buyers, causing a slowdown in the economic growth of the region. The demand remained low from Nitrile Butadiene Rubber manufacturers amid dampened orders from rubber industries, and producers dropped their quotations. Then, towards the end of Q3, prices declined again amid the high availability of inventories in the regional market amid a drop in demand from Styrene Acrylonitrile manufacturers due to excess availability of inventories. Conclusively, at the end of Q3 of 2023, Acrylonitrile prices in the USA witnessed USD 1135/MT.
Asia
In the Asian region, Acrylonitrile prices oscillated during the 3rd quarter of 2023. At the beginning of the quarter, the decline in prices showcased bearish movement amid surplus availability of supplies due to declined offtakes from SBR and NBR industries. Simultaneously, the decrease in the feedstock Ammonia costs amid reduced consumption rates from Urea manufacturers because of cheaper Urea imports from Russia due to surplus availability amid banned imports of Russian products into the European market reduced the production costs of ACN. During the mid-quarter, the price trend remained firm due to moderate demand-supply dynamics amid storms and typhoons like Doksuri Saola and heavy rainfall in the region. Towards the end of the quarter, prices remained firm due to moderate production rates amid stressed availability of feedstock supplies. The Crude Oil production cuts by OPEC+ and Russia limited the feedstock Propylene availability. Simultaneously, Ammonia supplies remained tight amid increased demand from fertilizer manufacturers due to an escalation in procurement activities for the Autumn season application. The ACN supply rates were limited from Japan and South Korea amid increased procurement activities before the Autumnal Equinox Holiday and Chuseok Holidays. At the end of Q3, 2023, Acrylonitrile in South Korea and Japan hovered at USD 1195/MT and 1180/MT, respectively.
Europe
The Acrylonitrile price trend shifted movement in Europe during the Q3 of 2023. Initially, prices decreased due to low upstream cost support on feedstock Ammonia amid excess availability of upstream Natural Gas. On July 24th, European gas storage was more than 82% due to loose Norwegian flows and subdued demand due to persistently strong wind-power generation in the first half of July. During the mid-quarter, the price trend remained stable amid the low availability of feedstock Ammonia supplies due to maintenance at Norway’s plant. It led to a decrease in the upstream Natural gas flows. The high energy prices and hike in bank interest rates by the ECB resulted in a decline in demand from buyers, causing a slowdown in the Eurozone growth. The Eurozone manufacturing Purchasing Manager’s Index dropped gradually during the 3rd quarter, indicating contractions in manufacturing sector activities during summer holidays in the region and a decline in procurement activities from downstream buyers. At the same time, cost support was high on upstream Propylene due to the escalation in Brent Crude Oil prices amid stressed Crude Oil stocks due to production cuts by global refineries. It raised the product prices towards the end of the quarter. Conclusively, the Acrylonitrile price declined by almost 7% during the quarter. At the end of the quarter, Acrylonitrile prices in the Netherlands and Belgium hovered at USD 1226/MT and USD 1310/MT, respectively.
For the Quarter Ending June 2023
North America
The Acrylonitrile prices contracted in the North American region during the Quarter 2 of 2023. Initially, the availability of supplies was low due to the previously curtailed production rates due to a rise in bank interest rates and an improvement in supply chain activities. Simultaneously, the production costs were firm amid increased cost support on feedstock Propylene amid volatile upstream prices. The demand was low, but due to the rising recession and layoff practices, producers and traders increased restocking practices amid increased labor costs. However, during the mid-quarter, the feedstock Propane stocks rose, and production rates improved while offtakes of Acrylonitrile were inadequate by downstream buyers. The production costs eased further as feedstock Ammonia prices declined throughout the quarter due to sluggish demand for Agrochemical in agriculture and reduced offtakes from fertilizer industries. Towards the end of Q2, ACN prices declined again due to weak cost support and a decline in demand from ABS and Styrene Acrylonitrile producers after the increase in Federal Reserve interest rates. At the end of Q2 2023, Acrylonitrile prices in the USA witnessed USD 1370/MT.
APAC
The Acrylonitrile price trend showcased bearish movement during quarter 2 of 2023. The demand was low from the buyers due to sluggish end-user demand from rubber and elastomers industries throughout the quarter, and offtakes remained depressing from Styrene Acrylonitrile and Nitrile Butadiene rubber producers. However, the trading activities intensified before the Labour Day holidays in China, and the market remained closed during the initial week of May 2023. Similarly, Acrylonitrile prices decreased marginally amid increased buying activities before the Dragon boat festival towards the end of the quarter. Meanwhile, the strengthening of the US Dollar and Euro amid increased bank interest rates and the weakening of Asian currencies impacted the product prices in the international markets. At the same time, the feedstock Propylene costs remained stable initially due to volatile cost support from upstream, which fell towards the end of the quarter due to improved inventory levels and contracted production costs of ACN. Simultaneously, feedstock Ammonia prices remained low during Q2 due to the globally weak demand from the fertilizer producers and reduced cost support from upstream, which reduced the upstream cost support on Acrylonitrile. Conclusively, at the end of Q2, 2023, Acrylonitrile prices in Japan and South Korea witnessed USD 1125MT and USD 1140/MT.
Europe
Like the North American region, the Acrylonitrile prices dived in Europe during Q2, 2023. Initially, the available market supplies were stable due to the plant shutdown at AnQore in Geleen in the Netherlands, with an Acrylonitrile production capacity of 285,000 MTPA, which went for maintenance turnaround in mid-March and increased imports from Asia due to arbitrage advantage. Meanwhile, the demand remained feeble from downstream ABS, Styrene Acrylonitrile, and Nitrile Butadiene manufacturers. At the end of the quarter, the price decrease intensified amid the firm availability of supplies from Asia and reduced buying and manufacturing activities in the region. The hike in bank interest rates by the European Central Bank and the Bank of England to curb rising inflation made the buyers conscious while making purchases, and they avoided any unnecessary trading activities. Simultaneously, the production cost eased during Q2 amid a contraction in feedstock Ammonia prices due to the globally weak demand from the fertilizer producers and reduced cost support from upstream Natural Gas throughout Q2 due to surplus availability of inventories and decline offtakes amid temperature-rise. Towards the end of Q2, production cost declined again due to stabilization in cost support and a decline in feedstock demand after the increase in the bank interest rates. At the end of the quarter, Acrylonitrile prices in the Netherlands and Belgium witnessed USD 1350/MT and USD 1415/MT, respectively.
For the Quarter Ending March 2023
North America
Like the previous quarter, the acrylonitrile price trend remained weak in the USA, and prices fell throughout the period amid no demand from the downstream Rubber and elastomers producers. The demand dynamics remained unchanged, and offtakes were moderately low from the rubber and elastomer producers. During the H1 of the quarter, downstream Acrylates producer American Acryl was under shutdown, further reducing the offtakes and increasing the inventory levels. However, in the final month of Q1, the price trend stagnated, and price improved slightly amid stable demand-supply dynamics and increased production costs due to volatile upstream Crude oil and Propylene costs. At the end of the 1st quarter, Acrylonitrile prices in the USA hovered at USD 1455/MT.
Asia
In the Asian region, Acrylonitrile prices depressed throughout the quarter amid depressed demand from downstream Acrylates, rubber, and elastomer industries and firm inventory levels. However, in the second half of the quarter, the price trend rebounded, and prices surged amid the stressed availability of supplies and a sudden spike in demand from the retail sector. Then again, the prices declined due to reduced cost support because of consistently falling feedstock Ammonia prices amid weak demand from fertilizer producers. At the same time, feedstock Propylene costs oscillated during Q1 amid volatile Crude oil prices. At the end of the 1st quarter of 2023, Acrylonitrile prices in South Korea and China settled at USD 1260/MT and USD 1335/MT, respectively.
Europe
In the European region, the Acrylonitrile price trend shifted sentiments throughout the quarter. Initially, prices fell amid a decline in feedstock prices and sluggish demand from rubber and acrylic producers. During the quarter, feedstock Ammonia prices fell amid depressed demand from fertilizer producers and a significant reduction in the upstream Dutch TTF natural gas futures, which eased the cost support. However, in the mid-quarter, prices rebounded and rose sharply amid the stressed availability of feedstock Propylene supplies after increased sanctions on Russian Petroleum products, which affected the production rates. Towards the end of the quarter, AnQore in the Netherlands went for maintenance shutdown, and prices increased in the region. At the end of the quarter, the Acrylonitrile prices in Germany witnessed USD 1660/MT.
For the Quarter Ending December 2022
North America
At the beginning of the fourth quarter, the Acrylonitrile price trend remained firm, and prices rose marginally amid a rise in inflation and feedstock Ammonia prices during the sowing season. However, from the second month onwards, the product price trend shifted, and product prices declined due to a fall in the upstream costs. At the same time, the supply chain activities were disrupted due to the low water levels of the Mississippi and Ohio rivers, which increased the domestic inventory levels. Simultaneously, a decline in product demand from the downstream rubber and MMA producers due to reduced orders from the packaging and automotive sector reduced product offtakes. At the end of Q4, Acrylonitrile prices in the USA settled at USD 1525/MT.
Asia
The Acrylonitrile price trend fluctuated during Q4 2022. For the first couple of months, prices increased in the Asian region. Initially, the ACN production rates remained hampered due to the limited feedstock Ammonia supplies by the Russian exporters. While during the mid-quarter, Truck strikes near the Busan port in South Korea affected the product supplies to Asian importers. However, in the final month of Q4, the price trend shifted, and prices declined because of destocking practices by the regional producers at the end of the year of South Korea and Japan amid a decline in global freight charges in the international market. At the end of Q4 2022, Acrylonitrile prices in South Korea settled at USD 1300/MT.
Europe
The acrylonitrile price trend shifted during Q4 of 2022. For the first couple of months, prices rose amid affected production rates amid reduced feedstock production rates due to input natural gas supply shortages because of an explosion at the Beixi pipeline. During the mid-quarter, an increase in the feedstock Propylene prices raised the production costs. However, in the final month of the quarter, the ACN price trend shifted, and prices declined producers by reducing their profit margins to improve product offtakes. Simultaneously cost support was reduced due to a decrease in input costs and ease in the global freight charges. At the end of the quarter, Acrylonitrile prices in the Netherlands hovered at 1461/MT.
For the Quarter Ending September 2022
North America
The price of Acrylonitrile also continued to fall in the H1 of the 3rd quarter of 2022, following the previous quarter's trend. In the mid-quarter, a major Acrylonitrile producer, Ascend performance material with an annual capacity of 4,00,000 t/y, went under planned shutdown, due to which domestic inventory levels plunged in August. Consequently, the feedstock outages and decreased production rates increased the product price quotations for a while at the beginning of H2 of the quarter. However, towards the end of Q3, the price movement again tilted downward. Throughout the period, the demand from downstream rubber producers was weak. Due to this, the USA's Acrylonitrile prices decreased by almost 17% from the previous quarter and settled at USD 1678/MT.
Asia
Like the previous quarter, Acrylonitrile's price trend remained on the negative side in the Asian region. Initially, the product prices decreased moderately due to production curtailment on the Government's instructions due to heat waves during summer and power outages. Additionally, the feedstock Propylene prices remained on the negative side due to increased inventory levels, which reduced the production costs of Acrylonitrile during this quarter. However, the prices plummeted most significantly due to the insignificant demand from downstream rubber glove manufacturers, primarily from Malaysian producers. Consequently, the product prices plunged by almost 27% from Q2 2022 in China, South Korea, and Japan and settled at USD 1188/MT in South Korea and USD 1168/MT in Japan.
Europe
The previous quarter's price trend of Acrylonitrile remained persistent in Europe due to stable demand from rubber producers. The rationing of input supplies from the Russian exporters resulted in pressure on European manufacturers, and the domestic downstream producers cut their operational rates amid the rising inflation. Due to this, the product offtakes remained low. Also, the high inflation depreciated the Euro values against the US Dollar, and the feedstock Propylene plummeted during the mid-quarter due to decreased product offtakes and increased domestic inventory levels, easing the upstream cost pressure. In Germany, Acrylonitrile prices plunged by almost 23% from the previous quarter and settled at USD 1489/MT at the end of Q3.
For the Quarter Ending June 2022
North America
Throughout the quarter, the price trend of Acrylonitrile fluctuated more significantly due to the region's shifting demand for nitrogenous fertilizer. Ammonia is a significant feedstock of Acrylonitrile, and almost 70% of its use is to manufacture nitrogenous fertilizers. Inactive demand for fertilizers from the agriculture sector, most specifically in the 2nd half of the quarter during the harvesting season, reduced the ammonia prices and diminished the production cost of ACN. The demand for Acrylonitrile remained consistent from the regional rubber industries in the construction sector. After a slight increment of 1% in previous quarter values, the price of Acrylonitrile FOB Texas settled at USD 2010/MT at the end of Q2.
Asia
In the Asian region, the price movement of Acrylonitrile was shifting during the 2nd quarter of 2022. During H1, a steep reduction in Naphtha prices was seen after the increment in Russian Crude oil imports in the domestic region, due to which upstream cost pressure on material reduced and the production cost of ACN material decreased. However, transportation and freight costs surged in the region, and the demand for material from polymer industries remained firm, with consistent offtakes of materials from the regional market. Post a quarterly decrement of 2% in values, the price of Acrylonitrile CFR Qingdao assembled at USD 1780/MT at the end of Q2.
Europe
In the first half of Q2, the price trend of Acrylonitrile remained strong, and the price of Acrylonitrile surged significantly at the beginning of the quarter in the European region. However, from May, the prices started declining, and the values decreased till the end of Q2 due to a reduction in costs of feed Propylene and upstream Naphtha caused by slackened demand for feedstocks in the region. The regional demand for ACN remained modest from the downstream polymer industries. After a significant quarterly increment of 6%, Acrylonitrile FD Rotterdam assembled at USD 1985/MT at the end of Q2 of 2022.
For the Quarter Ending with March 2022
North America
North American market witnessed an upsurge by nearly 4% in the prices of Acrylonitrile during Q1-2022, on account of firm downstream demand and increased feedstock prices. The consumption of Acrylonitrile Butadiene Styrene (ABS) increased in the automotive and electronics sector, which eventually led into the escalated need for Acrylonitrile, hence caused the augmented demand for same in the domestic market. Besides, the prices of feedstock also grew in the considered period which further propelled the price value of Acrylonitrile.
Asia Pacific
The prices of Acrylonitrile fluctuated in the Asia-Pacific region during the 1st quarter of 2022, leading to an unstable demand and supply. Besides, exacerbated inquiry for Acetonitrile which is the co-product of Acrylonitrile, enhanced the production and supply of both the commodities, which led to overflowing inventories of Acrylonitrile. The constant uncertainty between the downstream demand and supply rate collectively contributed to the see-sawed price trend of Acrylonitrile in the entire quarter. Conclusively, In India, prices of Acrylonitrile were assessed at USD 2200/ MT Ex-Mumbai during March.
Europe
Following the pricing trend of North American market, the prices of Acrylonitrile soared in European countries during the quarter 1st of 2022 by 3%, on the back of robust demand from end-use industries and enhanced feedstock prices. The consumption of Acrylonitrile Butadiene Styrene (ABS) increased in the automotive and electronics sectors which fuelled the offtakes of Acrylonitrile, in turn caused its price hike. Furthermore, the augmented Propylene prices supported the price surge of Acrylonitrile in the European market.
For the Quarter Ending December 2021
North America
Supply fundamentals were observed to be tight during the fourth quarter of 2021 with low output amid curtailed productions and force majeures. Cornerstone Chemical Company which had inflicted force majeure on its 240 KTPA Acrylonitrile facility in Louisiana in late August due to the Ida hurricane damage, remained closed for the whole of October, exacerbating the supply crunch in the region. Demand for Acrylonitrile picked up the pace and continued to reach new heights throughout the fourth quarter causing a surge in the number of enquiries. Stronger feedstocks along with soaring freight costs and scarcity of delivery trucks increased the woes of manufacturers, keeping the market in a tight spot. The Acrylonitrile prices were assessed as USD 2335/MT on FOB basis in the USA during December.
Asia
Being a heavily imported commodity, the supplies of Acrylonitrile remained dampened owing to the disruptions in supply chains. However, the market fundamentals in Asia varied region-wise depending upon the demand outlook. The prices of Acrylonitrile in South Korea and China mirrored the global upsurge owing to the widening demand-supply gap. The cost pressures encouraged the traders to transfer the inflated costs to the consumers to safeguard their margins. In India, the Q4 prices retracted from prominent heights reached in the previous quarter, in response to the gradually falling demand. While the queries from the textile industry remained stable, the automotive sector showed dullness as they had enough bookings for the quarter’s orders whose dispatch were getting delayed with the low availability of semiconductor chips. However, with improving feedstock inventories and recovering port activities, the prices of Acrylonitrile declined during November and December months in most parts of Asia. December assessed prices settled at 2246/MT Ex-Mumbai in India while in China the prices hovered around USD 2130/MT CFR Qingdao.
Europe
Driven by firm downstream Acrylonitrile Butadiene Styrene (ABS) demand, the Acrylonitrile offers in the Europe market registered marked heights. The production output faced constraints from raw material tightness and energy shortage. The intra-Europe, US-Europe and Asia-Europe spot trading suffered doldrums with the scarcity of vessels which remained prevalent till mid-November and improved gradually after that. Since the demand in Europe continued to reach historic highs till the very end of the quarter, the scenario vindicated the bullish market trends of Acrylonitrile in the concerned time period. The FOB Hamburg prices of Acrylonitrile during December were assessed as USD 2450/MT in Germany.
For the Quarter Ending September 2021
North America
In the beginning of Q3 2021, stability was witnessed in the prices of Acrylonitrile as several plants came onstream after prolonged maintenance, which balanced the demand-supply gap. During August end, owing to Hurricane Ida most of the manufacturers were forced to shut their production plants which eventually caused an adverse disruption in the supply chain. Limited availability of material widened the demand and supply gap which consequently led to the abrupt rise in the prices of Acrylonitrile in September. Additionally, firm demand from downstream Acrylonitrile Butadiene Styrene (ABS), Styrene acrylonitrile (SAN) and acrylic segments along with an exponential rise in the prices of feedstock Propylene were other factors that aided the rise in the prices of Acrylonitrile.
Asia
During Q3 2021, Acrylonitrile values remained volatile in the region backed by the disrupted imports from US due to Hurricane Ida. In addition, Acrylonitrile market witnessed tightness due to congestion on several ports of China, because of shutdown of Ningbo port for around two weeks in August, which is one of the busiest ports in the world. Moreover, buoyant demand from downstream sectors coupled with high feedstock prices exerted additional burden on the Acrylonitrile market in the region. In India, prominent surge in the prices of Acrylonitrile was witnessed throughout Q3, emulating the global upsurge. Ex-Mumbai Acrylonitrile prices witnessed rose from USD 2337.41 in July to 3181.02 in September due to constrained product availability and skyrocketed freight charges.
Europe
European Acrylonitrile market showcased mixed sentiments in the third quarter of 2021. Despite of the high production activities, demand and supply remained unbalanced as suppliers were busy catering backlog orders. In late August, substantial rise in the price of feedstock Propylene along with supply chain disruption due to the Ida hurricane in the US consequently drove Acrylonitrile prices in the region. Elevated freight charges across the US-Europe and Asia -Europe trade routes due to the shortages of containers further tightened the market of Acrylonitrile in the concerned time-period.
For the Quarter Ending June 2021
North America
After prolonged shutdown of several plants in the Gulf of USA, production activities finally resumed during this quarter. As major producers like INEOS and Covestro lifted the force majeure from their ACN manufacturing units, the availability of Acrylonitrile (ACN) increased which consequently pushed down its prices. Although demand for ACN remained firm throughout the quarter, the improved supply activities narrowed the demand supply gap in USA and ultimately led to a decline in its prices in the country. Therefore, a sharp decline in price of Acrylonitrile was observed in this quarter, which settled down at USD 2110/MT in June.
Asia
In China, Acrylonitrile prices remained bullish throughout the quarter, as the demand from the global market was unexpectedly high. Despite of improvement in supply chain activities from USA, prices continued to rise in the latter half of the quarter, bolstered by high feedstock prices. In addition, shutdown of PetroChina Jilin’s unit with 452 KTPA capacity created shortage and exaggerated this upward price trajectory in late May. While in India, prices of Acrylonitrile reduced effectively in the same quarter, supported by negligible offtakes from the downstream manufacturers due to slowed market activities, in effect of latest pandemic restrictions in the country. Therefore, prices of Acrylonitrile hovered around INR 1814/MT and INR 2690/MT for China and India respectively during the first half of the quarter.
Europe
European Acrylonitrile market sentiments remained firm, as the demand from downstream ABS manufacturers showcased improvement throughout Q2. Manufacturers revealed that they tried to keep the production activities high to satisfy overall demand, but as the backlog deliveries were abundant, the supply on new orders was restrained. In addition, after maintenance turnarounds, INEOS Nitriles resumed their plants operations, further improved the overall availability during the second half of the quarter. Therefore, an effective rise in prices of Acrylonitrile was observed in H1 Q2, which gradually slowed down in effect of improved supply.
For the Quarter Ending March 2021
North America
North America region witnessed an extreme supply disruption due the rare climate calamity during February in much of the central US. The storm ruptured all kinds of production activities, production of feedstock Propylene was roadblocked by this freezing winter and downstream ABS production also experienced similar setbacks. Two major producers INEOS and Cornerstone shut their Texas based ACN plants, which impacted the overall availability of ACN across the region. Despite of low production activities across the region, demand for ACN remained firm from downstream sectors and accelerated when climate condition started getting normal. During this course of time, prices of ACN across the region hovered around USD 1850 per MT during March, showcasing a rise of 11.11% since January 2021.
Asia
Asian market witnessed faced challenges in the domestic demand in catering the demand for Acrylonitrile (ACN) due to reduced imports from US and Europe during Q1 2021. Chinese ABS manufacturer faced shortage of feedstock Acrylonitrile, as Chinese lunar year squeezed the inventories of the country in February, that eventually led to rise in FOB price of ACN by 2.32% in Lianyungang China. Meanwhile India which majorly depends upon the imports from US and Europe to satisfy the demand of CAN faced extreme shortage due to halted supplies. These conditions pushed the prices to go up by 8.79% within Q1 2021 in the Asian region.
Europe
Extremely tight supply for ACN forced several downstream ABS manufacturers to apply force majeure on their plants in Europe. Major European ACN manufacturing units like INEOS Nitriles in UK and Petkim in Turkey remained idled during this quarter, that directly affected the export potential of the region. Meanwhile the demand from Asian countries remained very high during this time period. Later in March, Petkim resumed their plant operations, that eventually provided relief to the downstream ABS manufacturers of Europe as well of Asia.
For the Quarter Ending September 2020
North America
Acrylonitrile demand in the third quarter saw a substantial QoQ gain, driven by strong ABS demand for the production of household appliances and air-conditioning units, which showed significant demand surge during the pandemic as many stayed at home under quarantine and practicing work from home. Demand from the automotive sector started to rebound towards the end of the quarter depicting a V-shaped recovery after the industry remained largely shut in the previous quarters because of the pandemic. Pricing graph was pushed upwards in August extending gains due to firming Propylene.
Asia
Several Asian Acrylonitrile producers faced supply issues amid efforts to improve their product margins which are still not up to a healthier level. Resilient demand from the downstream Acrylic fibers is likely to serve well in the upcoming quarter as the region eyes on strong demand for winter clothing October onwards. Q3 2020 market outlook seemed to improve with replenishing needs. Supply constraints are likely to prevail as major plant turnarounds are expected in the upcoming quarter with Acrylonitrile producers in Taiwan and China planning to shut their production units for maintenance issues.
Europe
Acrylonitrile registered strong gains on quarterly basis with strengthening downstream market while a larger population stayed at home and hot weather in the region bolstered the demand for air-conditioners, refrigerators and other appliances. Supply constraints surfaced as the leading producer INEOS Nitriles announced maintenance turnaround at its larger production line in Germany for 3-4 weeks at the end of the third quarter. Balanced inventory levels have pushed the operating rates to 85% in Europe as producers sense the demand to head towards much needed recovery in the fourth quarter.
