02 November 2012 02:59 [Source: ICIS news]
SINGAPORE (ICIS)--South Korea’s Yeochun NCC (YNCC) has settled its October butadiene (BD) contract at $1,896/tonne (€1,460/tonne), down by $109/tonne from the previous month, a company source said on Friday.
In September, the contract price settlement was $2,005/tonne pipeline DEL (delivered).
YNCC's monthly contract price settlement is derived from the average spot BD values for that particular month.
On 26 October, BD spot prices fell to $1,750-1,800/tonne CFR (cost & freight) northeast (NE) Asia, down by $60-90/tonne from the previous week, according to ICIS data.
BD prices have been falling because of oversupply amid weak demand.
Deep-sea cargoes from Europe, the Middle East and Brazil have been heading to Asia, pressuring prices lower, given continued weakness in demand.
($1 = €0.77)
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