SunSirs: Propane Rose 26.17% in January
January 30 2023 13:36:50 SunSirs (John)
Price trend
The domestic propane market rose broadly in January, with Shandong propane market leading the rise. According to the data monitoring of SunSirs, the average market price of propane in Shandong was 5,082 RMB/ton on January 1, and 6,412 RMB/ton on January 29. The monthly increase was up to 26.17%, and up 4.34% from the same period last year.
Analysis review
In January, the domestic propane market ushered in a good start, and the overall market was significantly improved compared with the end of 2022. At the beginning of this month, due to the effective destocking of enterprises with low prices in the early stage, the demand for replenishment in the downstream began to increase significantly after the holiday. At the same time, the number of ships arriving at the port was low recently, the market supply was reduced, and the price of propane began to rise strongly. During the Spring Festival, the high level propane market passed smoothly, the demand and transport capacity gradually recovered after the festival, the market continued to be stable and rose, and the supply of goods in the port and market was tense, and the price still had room to rise.
Saudi Aramco introduced CP in January 2023, of which propane was 590 US dollars/ton, down 60 US dollars/ton from last month; Butane was 605 US dollars/ton, down 45 US dollars/ton from last month.
Market outlook
In general, the current supply of propane market is tight, and the overall inventory in the upstream is low. It is expected that the import cost will increase significantly in February, and it is expected that the propane market will continue to rise in February.
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