26 March 2010 14:45 [Source: ICIS news]
HOUSTON (ICIS news)--US butadiene (BD) contracts for April were expected to rise by 8 cents/lb ($176/tonne or €132/tonne) amid tight supply and heavy demand, sources said on Friday.
A fourth producer issued an 8 cents/lb hike, beating out competitors who issued April increase nominations for 10-15 cents/lb. The monthly US BD contract usually settles at the lowest price nominated by the four main producers
An 8 cents/lb increase would put April BD contracts at 84 cents/lb and be the third consecutive increase price hike.
Sources said BD demand was still high, while supply was so tight that a spot market was non-existent.
BD spot prices were assessed at 100-103 cents/lb CIF (cost, insurance and freight) on 19 March, largerly on a notional basis, according to according to data from global chemical market intelligence service ICIS pricing.
US BD producers include ExxonMobil, INEOS, LyondellBasell, Shell and TPC Group. Buyers include Invista, International Specialty Products (ISP), Lanxess, Michelin and Negromex.
($1 = €0.75)
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