26 June 2012 17:40 [Source: ICIS news]
LONDON (ICIS)--The European butadiene (BD) monthly contract price (MCP) for July has settled at €1,500/tonne ($1,875/tonne), down by €350/tonne from June, in an attempt to close the gap on spot prices against a backdrop of soft demand, healthy supply and a weaker upstream market, a major consumer said on Tuesday.
“I hope we have found the ground now,” the major consumer said.
It added that the settlement brought Europe back to a level playing field with Asia and the ?xml:namespace>
The consumer said it had agreed the contract with two of its suppliers, both of which have confirmed. A second major consumer has also confirmed the settlement, while a third producer said it would follow the settlement in order to keep “tonnes flowing.”
The contract settles on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.80)
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