SunSirs: Demand Supported, the Weak Propane Market Was Difficult to Improve
April 17 2023 09:50:05 SunSirs (John)
Price trend
This week, the propane market in Shandong remained stable and slightly volatile, with little fluctuation. According to the Commodity Market Analysis System of the Business Society, the average price of propane in Shandong on April 11th was 4,048 yuan/ton, and on April 14th it was 5,050 yuan/ton. The weekly increase was 0.05%, and a decrease of 24.48% compared to the same period last year.
Analysis review
This week (4.11-4.14), the Shandong propane market fell first and then rose, with a slight overall increase. At the beginning of the week, due to the impact of low-priced supply at the port, propane enterprises showed an increased willingness to sell goods, mainly destocked by making profit-cutting. Subsequently, international oil prices surged, and the news boosted the market. The market stopped falling and stabilized, with some factories pushing up slightly. However, due to terminal demand constraints, the upward resistance was significant.
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 per ton compared to last month.
Market outlook
Overall, the positive news was exhausted, and under the slow constraint of terminal consumption, manufacturers had a strong willingness to destock. It is expected that the Shandong propane market will be weak and difficult to improve in the short term.
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