02 September 2013 17:16 [Source: ICIS news]
LONDON (ICIS)--The European styrene butadiene rubber (SBR) market was surprised by the increase in the September butadiene (BD) monthly contract price (MCP), sources said on Monday, adding a rollover had been the expected outcome.
September’s BD MCP settled at €775/tonne ($1,020/tonne) free delivered (FD) northwest Europe (NWE), rising by €25/tonne because of increased feedstock costs, a more balanced market and less competitive Asian exports.
One SBR player, who had expected BD to roll over in September, said the increase sends a message to the SBR market that prices have reached the bottom and are now starting to firm.
Another market source, who had forecasted an increase for September, predicted that the MCP could rise again in October because of turnarounds in Europe.
SBR contains approximately 75% BD, which equates to a €19/tonne increase in the price of SBR
($1 = €0.76)
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