24 September 2010 12:52 [Source: ICIS news]
LONDON (ICIS)--The European October butadiene (BD) monthly contract price (MCP) has been agreed at €1,325/tonne ($1,767/tonne), down €125/tonne from September, reflecting the current supply and demand balance, a major consumer said on Friday.
Supply was widely viewed as balanced-to-long amid better-than-expected output of the BD feedstock crude C4 and waning demand, particularly from the export sector, which had seen cheaper volumes from Asia and South America displace European tonnes.
Spot prices were currently being assessed in the low €1,300s/tonne FD (free delivered) NWE (northwest Europe), according to ICIS.
The MCP is agreed on a FD NWE basis between the consumer - the third-largest non-integrated buyer in Europe - and two suppliers. Confirmation from one of the suppliers was still pending.
($1 = €0.75)
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