31 October 2012 21:30 [Source: ICIS news]
HOUSTON (ICIS)—US butadiene November contract prices rolled over from October at 83 and 90 cents/lb (1,830/tonne, €1,409/tonne and 1,984/tonne, €1,528/tonne), market sources confirmed on Wednesday.
This makes the third consecutive month in which BD contract prices have been 83 and 90 cents/lb.
Three producers settled at 83 cents/lb and a fourth at 90 cents/lb. There are four US BD producers that take part in the contract negotiation process.
The three producers at 83 cents/lb account for about 82% of the US capacity.
Market sources said the rollovers were the result of a weak market in which producers are primarily complying with contractual obligations.
The European BD monthly contract price for November settled down by €60/tonne, reflecting the soft market conditions globally.
Typically, nominations are offered for the US BD contract ahead of the beginning of the month and then a settlement is reached.
North American producers of BD that participate in the contract negotiation process include Exxon Mobil, LyondellBasell, Shell and TPC Group.
North American buyers include Ashland, INVISTA, LANXESS, Michelin and Negromex.
($1 = €0.77)
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