25 July 2012 18:07 [Source: ICIS news]
HOUSTON (ICIS)--A US butadiene (BD) producer on Wednesday nominated a rollover for August, putting its contracts at 90 cents/lb ($1,984/tonne, €1,647/tonne) and mirroring the initiatives of two rival suppliers in the past few days.
Most US BD contracts settled at 90 cents/lb in July, down by 16% from June, under settlements reached by the three producers now proposing the rollover.
The three suppliers account for more than 80% of the US capacity negotiated in the monthly contract.
A fourth producer, which has around 18% of US capacity, proposed a 4 cent/lb increase for August.
The initiative would put its contracts at $1.00/lb next month, but one source said the supplier was likely to agree to a lower price.
US BD contracts normally settle at the end of the month for the following month.
BD producers in North America include ExxonMobil, LyondellBasell, Shell and TPC Group. Buyers include Ashland, Invista, LANXESS, Michelin and Negromex
($1 = €0.83)
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