15 July 2011 06:52 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysia’s Titan Chemicals has sold by tender a 2,000 tonne butadiene (BD) cargo to a trader at $4,250/tonne (€3,018/tonne), a company source said on Friday.
The mid-August shipment was sold on an FOB (free on board) Pasir Gudang, Malaysia, basis.
Titan is a subsidiary of Honam Petrochemicals, a major Korean olefins producer.
BD spot prices have soared by about $500/tonne in the past month, according to ICIS data, because of limited supply and strong demand.
BD spot prices were at $3,740-3,800/tonne CFR (cost & freight) northeast (NE) Asia on 17 June, according to ICIS data.
Unplanned cracker outages in Taiwan and Singapore, as well as exports to the US, have curtailed BD supply in Asia and lifted offers to $4,300-$4,370/tonne CFR NE Asia for August shipments.
($1 = €0.71)
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