According to reports, industry sources said on Wednesday that due to rising raw material costs and tight supply, the price of Asian nitrile rubber (NBR) hit a new high in 32 months, and it is expected that the market outlook will continue to rise. NBR prices reached US$3,500-3,600/ton CIF China last week, and the ICIS data show that the price level was last reached in July 2008.
Some nitrile rubber producers said they will also propose a price increase of $100-200/tonne to $3,700-3,800/ton CFR Asia in April, partly because of limited supply. A nitrile rubber producer said, “We expect the prices of raw materials acrylonitrile and butadiene will continue to increase in the second quarter and will further increase the production cost of nitrile rubber.†Asian acrylonitrile prices have risen by US$250/ton since the beginning of February Last week reached 2,650-2,700 U.S. dollars per tonne CFR Northeast Asia and is expected to continue rising in April.
On the other hand, butadiene prices also rose by US$350/ton during the same period to reach US$2,550/tonne cfr Northeast Asia. A nitrile rubber producer in South Korea said, “We expect butadiene feedstock prices to continue to rise in the second quarter and may reach US$3,000/ton.†Market participants stated that there are several sets of nitrile rubber units in Asia from March to May. Overhauls have caused tight supply and will also support price increases, including China's Lanzhou Petrochemical, Japan's JSR and Zeon, and Korea's LG Chemical.
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