24 April 2012 18:00 [Source: ICIS news]
HOUSTON (ICIS)--The first nomination for the US May butadiene (BD) contract was heard at a drop of 1.9%, sources confirmed on Tuesday.
A US producer nominated a May contract price of $1.59/lb ($3,505/tonne, €2,664/tonne) FOB (free on board).
This three-tiered April split was uncommon, with the highest settlement representing around 15% of the market, and the ICIS assessed range representing about 85% of the market.
A BD buyer said prices need to fall now to reduce the severity of the downside in the market and to avoid demand destruction.
Major US BD producers include ExxonMobil, LyondellBasell, Shell Chemical and TPC Group.
Major buyers include Ashland, Firestone Polymers, Invista, LANXESS, Michelin and Negromex.
($1 = €0.76)
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