SunSirs: The Propane Market Was Weakly Downward This week (June 5-9)
June 13 2023 14:02:11 SunSirs (John)Price trend
This week, the domestic Shandong propane market continued to decline. According to the Commodity Market Analysis System of SunSirs, the average price of propane in Shandong on June 5th was 4,188 RMB/ton, and on June 9th it was 4,105 RMB/ton. The weekly decline was 1.97%, a decrease of 37.23% compared to the same period last year.
Analysis review
This week (6.5-6.9), the Shandong propane market continued to decline, upstream had a clear willingness to sell goods and reduced prices for sales. The port had a high inventory of low-priced goods, further suppressing the domestic market. Downstream cautiously entered the market and purchased on dips, mainly on the demand was limited.. The overall market was in a state of oversupply, and the propane market was prone to decline but difficult to rise.
Saudi Aramco's June CP was introduced, with propane at 450 US dollars per ton, a decrease of 105 US dollars per ton compared to the previous month; Butane was 440 US dollars per ton, a decrease of 115 US dollars per ton compared to the previous month.
Market outlook
Overall, the upstream sales pressure remained unchanged, while the downstream wait-and-see atmosphere was strong. It is expected that propane prices will continue to decline weakly in the short term.
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