SunSirs: The Propane Market Fluctuated and Declined This Week (April 17-21)
April 24 2023 10:00:00 SunSirs (John)
Price trend
This week, the propane market in Shandong shifted from an upward trend to a downward trend, with an overall decline. According to the Commodity Market Analysis System of SunSirs, the average price of propane in Shandong on April 17th was 5,128 RMB/ton, and on April 21st it was 5,100 RMB/ton. The weekly decline was 0.54%, and a decrease of 25.54% compared to the same period last year.
Analysis review
This week (4.17-4.21), the propane market was strong in the south and weak in the north, with a slight downward adjustment mainly in the Shandong region. Due to the low prices at ports in the northern region, spot prices on site were suppressed. At the same time, international oil prices fell this week, with insufficient news support. On site purchases and sales were relatively light, with rigid demand mainly. Upstream inventory pressure was increasing, and prices were flexibly adjusted.
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, under the impact of low import prices, demand support was weak, and it is expected that there is still room for a downward adjustment in the Shandong propane market in the short term.
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