10 June 2008 10:51 [Source: ICIS news]
SINGAPORE (ICIS news)--Taiwan’s largest olefins producer Formosa Petrochemical Corp (FPCC) has raised its May butadiene (BD) contract price by $124/tonne from its April settlement, a company official said on Tuesday.
The May contract was settled at $1,809/tonne pipeline delivered, while FPCC’s April contract was settled at $1,685/tonne.
Taiwan’s BD contract price is settled on a retroactive basis and its pricing formula is linked to the Asian spot price and the US contract price.
US May butadiene contracts were settled at 77 cents/lb, 8 cents/lb higher than April.
In Asia, spot prices have been on a relentless upward spiral, with spot offers for the second half of June and early July shipments surging to around $2,400/tonne CFR (cost and freight) northeast (NE) Asia, up about $400/tonne in the past month on limited supply and strong demand.
Asia May spot prices hovered around $2,000/tonne CFR NE Asia, according to global chemicals market intelligence service, ICIS pricing.
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