25 May 2012 12:12 [Source: ICIS news]
LONDON (ICIS)--The European butadiene (BD) monthly contract price (MCP) for June has been agreed at €1,850/tonne ($2,313/tonne), down by €400/tonne from May because of a weak upstream crude oil and naphtha market and soft demand, a major consumer said on Friday.
“It's not pleasant, but it's better to have a steep drop than a couple of soft landings,” a key producer said, adding: “We have a clear incentive to keep molecules moving.”
The settlement, which is done on a free delivered (FD) northwest Europe (NWE) basis, has so far been confirmed by two major consumers and one major producer.
Confirmation from two other major producers and one other consumer also involved in the settlement is pending.
($1 = €0.80)
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