25 February 2013 17:24 [Source: ICIS news]
LONDON (ICIS)--The European butadiene (BD) monthly contract price (MCP) for March has been agreed at €1,415/tonne ($1,862/tonne), up by €50/tonne from February, a major BD consumer said on Monday.
An increase was expected by many contract participants, largely because of a firmer upstream naphtha market.
The agreement this time around involved two producers and two major consumers. However confirmation from one of the producers is still pending.
One consumer, who did not agree to the settlement, said that there was “no single reason to see a €50/tonne increase” citing the ongoing fragility of the downstream markets.
Meanwhile, a third producer said the €50/tonne increase did not recover the naphtha increase in full.
The contract settles on a free delivered (FD) northwest European (NWE) basis.
($1 = €0.76)
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