SunSirs: The Propane Market Was Weak and Declining in June
June 29 2023 10:42:15 SunSirs (John)
Price trend
The domestic propane market continued to decline in June. According to data monitoring by SunSirs, the average market price of propane in Shandong on June 1st was 4,418 RMB/ton, and on June 28th it was 3,923 RMB/ton. The monthly decline was 11.2%, and a decrease of 34.48% compared to the same period last year.
Analysis review
The propane market experienced a significant decline in early June, with a slight rebound in mid June, and the decline slowed down in late June. At the beginning of the month, upstream had a clear willingness to sell goods and reduced inventory. The port had a high inventory of low-priced goods, further suppressing the domestic market. Downstream cautiously entered the market on dips, buying on dips, mainly on-demand and demand was limited. The market was in a state of oversupply overall, with prices significantly declining. In the middle June, prices fell to a low level in the early stage, and downstream bargains entered the market, the trading atmosphere improved, and upstream goods were smoothly traded, actively pushing up. In late June, with a decrease in downstream restocking enthusiasm, most businesses were bearish towards the future market, and propane prices continued to decline slightly, but the decline narrowed somewhat.
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, there were many bearish factors in the propane market, with inventory accumulation in some regions. In order to effectively eliminate inventory, it is expected that propane prices will continue to decline in the short term.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
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