29 July 2010 15:09 [Source: ICIS news]
HOUSTON (ICIS)--US butadiene (BD) contracts for August were confirmed settled at 94 cents/lb ($2,072/tonne, €1,596/tonne), a rollover from July, market sources said on Thursday.
The settlement came after two producers nominated increases of 5 cents/lb and 2 cents/lb, while a third and fourth supplier said they would maintain July prices.
US BD usually settles at the lowest price nominated by the four main US producers.
The rollover halted what had been six consecutive monthly increases for BD, the price of which has risen by 49% since January, when contracts settled at 63.00 cents/lb.
A sustained flow of BD was reaching the US from overseas, loosening what had been a tight supply scenario, sources said.
US BD producers include ExxonMobil, INEOS, LyondellBasell, Shell and TPC Group. Buyers include Invista, International Specialty Products (ISP), Lanxess, Michelin and Negromex.
($1 = €0.77)
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