21 September 2012 23:51 [Source: ICIS news]
HOUSTON (ICIS)--The initial US October butadiene (BD) contract nomination was offered by a producer as a rollover from September, market sources said on Friday.
Also on Friday, US BD spot prices dropped notionally by 5 cents/lb ($110/tonne, €85/tonne) from 78-83 cents/lb to 73-78 cents/lb, sources said.
The movement of spot prices was attributed to a decline in demand.
Sources said the contract rollover offer was also because of the weak demand.
The producer has a September contract price of 90 cents/lb.
No other nominations have been made, sources said. Three more nominations are expected next week. Four producers participate in US contract talks.
US BD contracts normally settle at the end of the month for the following month.
The September contract price for a majority of BD producers was 83 cents/lb.
BD producers in North America include ExxonMobil, LyondellBasell, Shell and TPC Group. Buyers include Ashland, INVISTA, LANXESS, Michelin and Negromex.
($1 = €0.77)
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