SunSirs: China LPG Market continued its Decline Last Week (June 5-9)
June 13 2023 09:54:55 SunSirs (Selena)
Last week (6.5-6.9), the Shandong LPG market continued to decline. According to the Commodity Market Analysis System of Business Society, the average price of LPG in the civilian Shandong market on June 5th was 4,090 RMB/ton, and on June 9th it was 3984 RMB/ton. The weekly decline was 2.59%, a decrease of 36.89% compared to the same period last year.
Last week, the civilian market for LPG in Shandong continued to decline, with low end prices falling below 4,000 RMB/ton. During the week, upstream refineries continued to steadily sell their goods, with quotations following the market, downstream procurement on demand, and chemical support just needed. However, the demand in the civilian market remains weak during the off-season. In addition, the low prices of related products have further suppressed the LPG market.
Overall, there is a loose supply on the market, an increasing trend in corporate inventory, and a clear willingness to destock. It is expected that China LPG will continue to decline in the short term.
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