25 January 2011 00:26 [Source: ICIS news]
HOUSTON (ICIS)--A US butadiene (BD) producer nominated an increase of 9 cents/lb ($198/tonne, €145/tonne) for February, market sources said on Monday, indicating contracts were firmly headed for a third increase in as many months.
The nomination represents a jump of nearly 10%, as BD settled at 91.00 cents/lb in January.
The uptrend stems from firm demand and tight supply.
US BD contracts usually settle at the lowest price proposed by the four main US producers.
The 9 cent/lb nomination may fall short of taking contracts to $1.00/lb, as another US supplier was heard late on Monday to have nominated a February price of 97 cents/lb.
US BD producers include ExxonMobil, INEOS, LyondellBasell, Shell and TPC Group.
BD buyers include Invista, International Specialty Products (ISP), Lanxess, Michelin and Negromex.
($1 = €0.73)
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