SunSirs: The Propane Market Accelerated Its Decline This Week (September 18-22)
September 25 2023 15:09:56 SunSirs (John)
Price trend
This week, the decline in domestic propane in Shandong accelerated. According to the Commodity Market Analysis System of SunSirs, the average price of propane in Shandong on September 18th was 5,690 RMB/ton, and on September 22nd it was 5,513 RMB/ton. The weekly decline was 3.12%, and a decrease of 2.73% compared to the same period last year.
Analysis review
This week (September 18th to September 22nd), the Shandong propane market turned from strong to weak, and prices began to decline. In the early stage, the market inventory was low, and the upstream actively pushed it up, causing prices to rise to high levels. The atmosphere of resistance in the downstream was strong, and the ability to receive goods weakened, leading to an increase in on-site inventory and increased sales pressure. At the same time, as the Double Festival approached, the willingness of upstream to sell goods increased, and prices fell along the trend.
Saudi Aramco's September CP was introduced, with propane at 550 US dollars per ton, an increase of 80 US dollars per ton compared to the previous month; Butane was 560 US dollars per ton, an increase of 100 US dollars per ton compared to the previous month.
Market outlook
Overall, as the National Day holiday approached, the upstream was actively destocking. Considering the downstream purchasing capacity, it is expected that the propane market 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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