27 March 2012 10:29 [Source: ICIS news]
LONDON (ICIS)--The European butadiene (BD) April monthly contract price (MCP) has settled at €2,275/tonne ($3,033/tonne), up by €90/tonne from March, a major producer said on Tuesday.
“There is broad acceptance [across the market], it is a compromise settlement," said the producer.
An increase had been expected because of the gap between spot and contract prices. Producers also wanted to support an improvement in cracker margins.
However, consumers’ concerns regarding downstream demand weighed on producer targets.
“We were looking for higher numbers, so this is a compromise,” said a second major producer.
Three major producers and four major consumers have agreed the April MCP. So far, two major producers and two major consumers have confirmed the settlement.
($1 = €0.75)
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