01 December 2011 03:27 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s Yeochun NCC (YNCC) has settled its butadiene (BD) contract price in December at $1,713/tonne (€1,268/tonne), down by $473/tonne from its contract price in November, a company source said on Thursday.
The contract price for BD in November was at $2,186/tonne on a pipeline DEL (delivered) basis, the source said.
Ample supply and weak demand caused BD prices to fall, with prices declining to $1,550-1,600/tonne CFR (cost & freight) NE (northeast) Asia in the week ended 11 November, ICIS data showed.
“There were surplus stocks from Brazil, Europe, Iran, South Korea and southeast Asia heading to northeast Asia in October and November, which put pressure on the prices,” a trader said.
BD spot prices have since rebounded to $1,900-1,950/tonne CFR NE Asia in the week ended 25 November, ICIS data showed.
($1 = €0.74)
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