22 June 2011 17:59 [Source: ICIS news]
LONDON (ICIS)--The European July butadiene (BD) monthly contract price (MCP) has been agreed up by €180/tonne at €2,500/tonne ($3,623/tonne) as demand continues to outstrip supply, a major consumer said on Wednesday.
The settlement - which marks the sixth consecutive three-digit rise this year - is an industry-wide agreement, with four consumers and four producers having been involved. Confirmation from the supplier side is pending.
European players fight to keep up with developments in Asia, and particularly the ?xml:namespace>
While European demand has remained very robust, the pull from the
Added to the mix this month was the prospect of cracker cutbacks in July because of a weak ethylene market and potentially the traditional summer shift to lighter feedslates which produce less crude C4 butadiene feedstock.
The MCP was agreed on a free delivered (FD) northwest Europe (NWE) basis.
Spot values are currently being assessed at around $4,400/tonne FOB (free on board) northwest
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