05 January 2006 14:44 [Source: ICIS news]
LONDON (ICIS news)--The first Q1 European butadiene (BD) contract has been agreed at Euro770/tonne, down Euro45/tonne from Q4’s Euro815/tonne, a key BD consumer said on Thursday.
This agreement, made on a FD (free delivered) Northwest Europe (NWE) basis, was between a Belgian-headquartered producer and a key German consumer and was fully confirmed by the two parties.
A decrease was widely anticipated in the industry in line with those seen on Q1 ethylene (C2) and propylene (C3) contracts, which settled at Euro785/tonne FD NWE, down Euro40/tonne and Euro25/tonne respectively.
At least two other producers signalled their support of this settlement. However, some resistance was anticipated from other consumers, which had been pushing for a greater reduction based on softer naphtha values and difficulties recovering costs downstream.
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