22 April 2010 13:29 [Source: ICIS news]
LONDON (ICIS news)--The European butadiene (BD) monthly contract price (MCP) for May was agreed on Wednesday, at €1,350/tonne ($1,800/tonne), a rollover from April levels, both contract partners said.
The contract price, settled on a FD (free delivered) NWE (northwest ?xml:namespace>
“Given the current backdrop, increases could have been justified,” said the producer involved in the contract negotiations. The contract partner said that some correction was expected next month.
The vast majority of European butadiene volume is priced on a quarterly basis. Second-quarter contract negotiations were settled a month ago at €1,275/tonne, representing a significant hike of €325/tonne above the first quarter contract settlement at €950/tonne FD NWE.
The supply and demand balance continued tight on the back of ongoing problems at extraction units in the
European spot prices have firmed significantly since the beginning of the year, and were currently being assessed at close to €1,600/tonne FD, according to global chemical market intelligence service ICIS pricing.
($1 = €0.75)
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