SunSirs: The Propane Market Fluctuated and Declined This Week (July 17-21)
July 24 2023 10:34:07 SunSirs (John)
Price trend
This week, the domestic Shandong propane fluctuated and slightly declined. According to the Commodity Market Analysis System of SunSirs, the average price of propane in Shandong on July 17th was 4,090 RMB/ton, and on July 21st it was 4,088 RMB/ton. The weekly decline was 0.06%, and a decrease of 30.69% compared to the same period last year.
Analysis review
This week (7.17-7.21), the Shandong propane market slightly declined. Recently, the propane market was boosted by the crude oil and import markets, and refineries were actively pushing up prices, leading to an increase in downstream resistance to high supply. Fortunately, upstream inventory pressure was not high, and prices were relatively strong. However, the refinery's sales had relatively slowed down, and the focus of market transactions had shifted downwards.
Saudi Aramco's CP of June 2023 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 was not much pressure on on-site sales, coupled with external support, and it is expected that the propane market will fluctuate upward in the short term.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
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