22 July 2011 15:53 [Source: ICIS news]
LONDON (ICIS)--The European butadiene (BD) monthly contract price (MCP) for August has been agreed at €2,525/tonne ($3,607/tonne), up by €25/tonne from July, a major producer said on Friday.
The producer said the moderate increase was appropriate because the BD market had cooled.
Availability has improved in July and demand has slowed in some areas as is traditional during the summer months. However, while spot numbers have softened in July, there was still a wide gap between spot and contract prices, which indicated that the market was not under bearish pressure.
The settlement, which is agreed on a free delivered (FD) northwest Europe (NWE) basis, was between the producer and two of its customers. Confirmation from one of the buyers is still pending.
A second producer has also confirmed reaching an agreement at €2,525/tonne.
($1 = €0.70)
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