24 July 2012 22:02 [Source: ICIS news]
SANTO DOMINGO, Dominican Republic (ICIS)--Additional North American butanediol (BDO) third-quarter contracts continued to settle at declines, trade sources said on Tuesday, as market participants try to finalise them before August.
One consumer said it settled on most of its third-quarter contracts at declines of 5.00-6.00 cents/lb ($110-132/tonne, €90-108/tonne). The consumer said it was hoping for a larger decline, but citied tight supply positions from producers.
The drop in BDO prices has been attributed to weaker feedstock prices in the second quarter and weaker prices in Asia.
Meanwhile, a major producer said it has settled additional contracts during the week within reductions of 4.00-7.00 cents/lb.
However, some participants are still out of the market because of the summer vacation period and have not finalised BDO contracts as of yet.
The settlements come one week after initial BDO contracts emerged at a rollover to declines of 5 cents/lb.
Second-quarter BDO contracts were settled at 154.50-172.50 cents/lb, down 5.50 cents/lb from the first quarter.
Major North American BDO producers include BASF, LyondellBasell and Ashland.
($1 = €0.82)
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