23 December 2013 16:48 [Source: ICIS news]
(adds detail throughout)
LONDON (ICIS)--The European January butadiene (BD) monthly contract price has been agreed at €910/tonne ($1,247/tonne), up €10/tonne from December, a major consumer said on Monday.
The producers’ need for an increase based on costs was moderated by the comparative weakness in the Asian market, a key market for European BD derivatives, sources said.
Some consumers were not willing to increase whatsoever but had moved from a decrease position to a rollover.
One source said: “It’s a step in the right direction, [the] producers have their psychological increase.”
Another source said that it thought the plus €10/tonne a “fair compromise.”
The contract, which is done on a free delivered (FD) northwest (NWE) basis, was agreed by the major consumer with three of its suppliers. One other key consumer is also understood to have agreed at €910/tonne but direct confirmation is pending.
Direct confirmation from at least two producers and two consumers is required before it is considered an established contract reference price.
($1 = €0.73)
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