24 July 2008 13:44 [Source: ICIS news]
(adds detail in paragraphs 4-6)
LONDON (ICIS news)--An initial monthly Europe butadiene (BD) contract for August has been settled down €15/tonne ($23/tonne) from July at €1,270/tonne on the back of a fall in naphtha costs and some relief in supply, said a buyer and seller on Thursday.?xml:namespace>
The settlement was on a free delivered (FD) basis and was confirmed by INEOS Olefins on the sell side.
“We have not yet seen an easing in the spot prices but this might come in August so we were prepared to give something away on pricing,” said the seller. No discounts are allowed for the MCP.
It was not immediately clear whether other buyers would follow the settlement, with more talks due this afternoon.
The majority of European BD is traded on a quarterly contract basis.
The third-quarter contract was agreed at €1,260/tonne FD NWE (n?xml:namespace>
($1 = €0.64)
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