SunSirs: Demand Fell Short of Expectations, Propane Market Continued to Decline
May 22 2023 11:09:34 SunSirs (John)
Price trend
This week, the domestic propane market was stable and declined. According to the Commodity Market Analysis System of SunSirs, the average price of propane in Shandong on May 15th was 4,593 RMB/ton, and on May 19th it was 4,538 RMB/ton. The weekly decline was 1.2%, a decrease of 30.59% compared to the same period last year.
Analysis review
This week (5.15-5.19), the Shandong propane market continued to decline. The weather has warmed up, and demand for propane has entered the off-season due to burning. Demand continued to decline, with high on-site inventory and the impact of low-priced supply at ports, leading to a weak decline in propane. Liquefied gas, a related product, saw a broad decline this week, further dragging down the propane market.
Saudi Aramco's May CP was introduced, and the contract price of propane remained unchanged compared to the previous month and butane slightly increased, with propane at 555 US dollars per ton, which remained stable compared to the previous month; Butane was 555 US dollars per ton, an increase of 10 US dollars per ton compared to the previous month.
Market outlook
Overall, the demand for downstream chemicals was increasing slowly, and combustion demand will further weaken due to hot weather. It is expected that the propane market will continue to decline in the short term.
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- 2024-04-30 SunSirs: The Propane Market Saw a Slight Increase in April
- 2024-04-23 SunSirs: The Propane Market Saw a Slight Increase This Week (April 15-19)
- 2024-04-15 SunSirs: The Propane Market Saw a Slight Increase This Week (April 8-12)
