27 July 2009 23:03 [Source: ICIS news]
HOUSTON (ICIS news)--A US butadiene (BD) producer on Monday nominated an increase of 15 cents/lb ($331/tonne or €232/tonne) for August, the lowest initiative so far put forward for next month’s contracts.
The nomination followed proposed increases of 17 and 18 cents/lb from two other producers last week.
US BD contracts usually settle at the lowest price nominated by the four main producers.
The final settlement figure for August will be determined after the final supplier unveils its initiative.
But market sources said the remaining producer may opt not to nominate this month, choosing instead to match the lowest price proposed by the other three producers.
In such a scenario, BD would jump to 60.00 cents/lb in August.
BD contracts in July settled at 45 cents/lb, up by 14 cents/lb from June, according to global chemical market intelligence service ICIS pricing.
US BD producers include Texas Petrochemical (TPC), ExxonMobil, Equistar, Shell and Ineos. Buyers include Michelin, Lanxess, Invista and Negromex.
($1 = €0.70)
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