19 October 2011 00:03 [Source: ICIS news]
HOUSTON (ICIS)--Fourth-quarter North American butanediol (BDO) contracts settled at increases of 4-8 cents/lb ($88-176/tonne, €64-128/tonne), trade participants said on Tuesday.
The increases, which took contract prices to 154-172 cents/lb, were in line with initial settlements heard a week earlier at partial to full increases.
BASF was the first to announce an 8 cent/lb price increase nomination in September, followed by a similar price increase from Ashland Specialty Chemicals.
Market sources said LyondellBasell nominated a similar 8 cent/lb price increase announcement, but the company did not confirm this.
One producer said it settled fourth-quarter contracts before US October propylene contracts declined by 14 cents/lb from September.
Other contract participants said they had increases at 4 cent/lb on average.
Some sources said the partial increase comes on expected softness in the BDO and derivatives markets. In addition, as some buyers look to reduce inventories.
Major North American BDO producers include BASF, LyondellBasell and Ashland.
($1 = €0.73)
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