TPC Group nominated its initial June contract price at 60 cents/lb, down 4 cents compared with its May contract price, multiple sources said Tuesday.
Of the four major producers -- ExxonMobil, LyondellBasell, Shell Chemicals and TPC Group -- only TPC Group has announced a nomination for June, sources said.
Requests for comments and/or confirmation were not immediately returned by the companies.
Market participants have been anticipating a rollover to decrease for the June US butadiene contract price after another month of spot price decreases in Asia and the US.
Since reaching a 2017 peak of $3,070/mt on February 3, the CFR China marker has fallen 65.47%, according to S&P Global Platts data. The US market reached a 2017 peak of 132.50 cents/lb on February 24 and has slipped 52.06% since that time, according to Platts data.
The US has been talked long in recent weeks, as participants were looking to take advantage of available demand in Europe after Evonik declared a force majeure earlier in the month for several C4 products in Europe.
US butadiene contracts last settled for May at 64 cents/lb, down 29 cents/lb from April. US contracts have shed 46 cents/lb, or 42%, since hitting a 57-month high of 110 cents/lb in March.
US spot import butadiene was assessed at 63-64 cents/lb ($1,389-$1,411/mt) CIF USG, flat on the week. The price was based on offer levels heard at the May CP of 64 cents/lb. The price was assessed below the offer level.
