European butadiene spot prices plummeted Tuesday on bearish sentiment and the recent plunge in values in Asia.
Prices closed Monday at $1,578/mt FOB Rotterdam, down 17% since the start of the month. A trade was heard at Eur1,475/mt ($1,578) CIF ARA Friday.
Although European domestic supply has been relatively tight during April amid the ongoing cracker maintenance season, the falls in Asia and the US have affected sentiment in Europe, sources said last week.
Since reaching a 2017 peak of $3,070/mt February 3, the CFR China marker has lost 58%, according to S&P Global Platts data. Asian butadiene was assessed at $1,300/mt Wednesday.
The US market reached a 2017 peak of 132.5 cents/lb ($2,920/mt) February 24 and has since lost 39.6%, according to Platts data, assessed at 80 cents/lb.
US butadiene supply has been a factor in the price fall, and this is a similar theme in Europe, where butadiene supply is expected to improve following the cessation of the cracker turnaround season.
Improving supply follows Ineos restarting its butadiene plant in Cologne, Germany last week, after undergoing a planned maintenance, a source close to the company previously said.
