27 June 2012 21:00 [Source: ICIS news]
HOUSTON (ICIS)--A US butadiene (BD) producer on Wednesday nominated a 17 cent/lb ($375/tonne, €300/tonne) drop for July, matching the reduction nominated by a rival supplier earlier this week.
The two nominations, which represent a 16% reduction from June, put BD contracts at 90 cents/lb next month.
Both suppliers settled at $1.07/lb in June.
The initiatives undercut proposed reductions by two other producers, which nominated July drops of 9 and 12 cents/lb in the past few days.
Those nominations put contracts at 98 cents/lb and $1.03/lb next month as one of the suppliers had a June contract of $1.07/lb while the other settled at $1.15/lb.
US BD contracts normally settle at the end of the month for the following month.
The drop in July will be the third in as many months.
BD producers in North America include ExxonMobil, LyondellBasell, Shell and TPC Group. Buyers include Ashland, Invista, LANXESS, Michelin and Negromex.
($1 = €0.80)
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