YNCC settles Oct BD down by $216/t

20 October 2008 04:48  [Source: ICIS news]

SINGAPORE (ICIS news) – South Korea’s largest olefins maker, Yeochun Naphtha Cracking Center, (YNCC) has settled its October butadiene (BD) contract down by $216/tonne at $2,970/tonne on bearish market sentiment, a company source said on Monday.  

 

The contract price, which was based on a formula derived from Asian spot pricing, was settled on a pipeline delivered basis as usual, the source added.

 

BD spot prices for November delivery have plummeted below $2,000/tonne CFR (cost and freight) northeast (NE) Asia, down by close to $1,000/tonne from the previous month as Chinese demand waned due to the economic downturn amid fears of a global recession.

 

YNCC, also the country’s largest olefins exporter, had settled its September BD contract at $3,186/tonne pipeline delivered.

 

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By: Helen Yan
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