01 April 2011 04:18 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s Yeochun NCC (YNCC) has settled its April butadiene (BD) contract at $2,605/tonne (€1,824/tonne), up $238/tonne from the March contract price, a company source said on Friday.
Tighter-than-expected supply following the 9.0-magnitude earthquake which struck northeast Japan on 11 March and an unplanned outage at Shell’s 800,000 tonne/year mixed feed cracker in Singapore in March had put upward pressure on the price, traders said.
“Some BD export shipments from Japan were cancelled or delayed and coupled with the unexpected outage at Shell’s cracker in Singapore, prices had no way but to go up,” a trader said.
BD spot prices were at $2,700-2,750/tonne CFR (cost & freight) NE (northeast) Asia in the week ending 25 March, up $250/tonne from late February, ICIS data showed.
($1 = €0.70)
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