The price of chemical raw material acrylonitrile in China has surged over 7 percent since November 1 on unexpected shutdown of multiple production facilities and higher prices of material propylene, said a report by Shanghai Securities News on Tuesday.
Now, acrylonitrile quotes by factories range from 7,900 yuan/tonne to 8,100 yuan/tonne while traders ask for a price of 8,200 yuan/tonne to 8,500 yuan/tonne. In the short term, supply of acrylonitrile would likely remain tight and market players stay optimistic on later market performance, said Wang Wenyu, an analyst with market information supplier www.100ppi.com.
Still, Wang predicted that acrylonitrile price would peak at 8,700-8,900 yuan/tonne toward the end of November and then decrease to 8,000-8,100 yuan/tonne on possible still-weak fundamentals.
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