27 December 2010 16:52 [Source: ICIS news]
The producers proposed increases of 5 cents/lb ($110/tonne, €84/tonne) and 8 cents/lb just prior to the Christmas holiday.
The nominations would put US BD in January at 91 cents/lb, as contracts normally settle at the lowest price put forward by the four main
It was unclear on Monday if the other two main US producers had stepped out with their initiatives.
US BD contracts settled at 86 cents/lb in December, 2.00 cents/lb higher than November. The December settle followed three consecutive monthly drops.
The proposed January BD increases came as no surprise, as contracts were expected to go up next month because of tightening supply and higher spot prices in recent weeks.
However, the increases proposed by the two producers were above the 2-4 cents/lb hike some buyers had predicted for January.
US BD buyers include Invista, International Specialty Products (ISP), Lanxess, Michelin and Negromex.
BD producers include ExxonMobil, INEOS, LyondellBasell, Shell and TPC Group.
($1 = €0.76)
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