China ACN prices have not decreased

From Nov, China ACN prices have not decreased, but climbed up, which is beyond market anticipation. Though some market players expect a firm prices, the increment is still beyond their anticipation. Currently, the highest level has reached around 16,000yuan/mt, and downstream buyers can accept the level of 15,500yuan/mt. The reasons are analyzed below.

First, the shutdown of PetroChina Fushun. PetroChina Fushun has restarted its 92kta unit around Oct 27, but the unit is shut down again around Oct 31, and the restart is not confirmed. The supply is supposed to shrink unexpectedly in Nov.