SunSirs: Propane Continued to Decline During the Off-season of Demand
April 11 2023 09:41:54 SunSirs (John)
Price trend
The propane market in Shandong continued to decline this week. According to the Commodity Market Analysis System of SunSirs, the average price of propane in Shandong on April 3rd was 5,293 RMB/ton, and on April 7th it was 5,225 RMB/ton. The weekly decline was 1.29%, and a decrease of 25.78% compared to the same period last year.
Analysis review
This week (4.3-4.7), the Shandong propane market continued its downward trend. In April, CP introduced a sharp decline, import prices were relatively low, and port traders had considerable profits. Crude oil prices surged during the week. The news had limited boost, and the demand side had shown weak performance, the demand for combustion is in the off-season. Under the constraints of the demand side, the propane market was weak and declined.
Saudi Aramco's CP was introduced in April, and the contract prices for propane and butane were significantly reduced, with propane at 555 US dollars per ton, a decrease of 165 US dollars per ton compared to the previous month; Butane was 545 US dollars per ton, a decrease of 195 US dollars per ton compared to last month.
Market outlook
Overall, the sustained rise in crude oil may drive downstream active entry into the market. Upstream inventory is controllable. However, with weak demand, it is expected that propane will operate weakly in the short term.
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