05 January 2006 04:43 [Source: ICIS news]
SINGAPORE (ICIS news)--Taiwanese butadiene producers have concluded their December contract prices at $986-1,015/tonne delivered, more than $55/tonne lower than in November due to falling spot prices, officials from the companies said on Thursday.
Formosa Petrochemical Corp (FPCC) and state-owned Chinese Petroleum Corp (CPC) base the Asian Contract Price (ACP) on a formula that comprises several components, including global market intelligence and price reporting service ICIS-LOR’s US Contract Price and Asian Spot Price.
The price, which is settled retroactively, was lower than the November settlement of $1,054-1,070/tonne delivered. With supply higher than demand, Asian spot prices have spiraled downwards since September.
Asian butadiene spot prices have fallen by about $100/tonne in the past month to around $920-940/tonne CFR Northeast Asia (NEA) for January lifting, down from $1,300/tonne in September. December US butadiene contracts were settled at 50 cents/lb, down 1 cent/lb from the November settlement.
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