24 March 2011 16:43 [Source: ICIS news]
LONDON (ICIS)--The European butadiene (BD) monthly contract price (MCP) for April has settled at €1,690/tonne, up €135/tonne ($190/tonne) from March, because of tight supply and strong demand, a major producer said on Thursday.
“[It’s a] sizeable increase, but [it] still retains Europe's competitiveness versus other regions,” he said.
US April contract prices were poised for a significant hike if the first nomination of plus 21 cents/lb taking the contract to $1.25/lb - equivalent to €1,956/tonne - sticks. Asian prices were also very firm and were being pegged around $2,680–2,720/tonne CFR (cost and freight) SE (southeast) Asia.
The European settlement is done on a free delivered (FD) northwest Europe (NWE) basis.
To date, confirmation from three consumers and two producers has been received. Confirmation from two other producers and a fourth consumer was pending.
($1 = €0.71)
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