SunSirs: The Propane Market Fluctuated and Fell This Week (October 16-20)
October 24 2023 14:05:23 SunSirs (John)
Price trend
This week, domestic Shandong propane fluctuated and fell. According to the Commodity Market Analysis System of SunSirs, the average price of propane in Shandong on October 16th was 5,533 RMB/ton, and on October 20th it was 5,438 RMB/ton. The weekly decline was 1.72%, and a decrease of 5.92% compared to the same period last year.
Analysis review
This week (10.16-10.20), the propane market in Shandong turned from strong to weak, and prices began to decline. At the beginning of the week, the high prices were lowered, and the market atmosphere slightly eased. In the middle of the week, some companies slightly boosted their prices, but downstream buying was insufficient, leading to a lack of momentum in continuing to push up. On the contrary, prices were declining, and downstream entry was more active. Under demand constraints, the propane market was prone to decline but difficult to rise.
Saudi Aramco's October CP was introduced, with propane at 600 US dollars per ton, an increase of 50 US dollars per ton compared to the previous month; Butane was 615 US dollars per ton, an increase of 55 US dollars per ton compared to the previous month.
Market outlook
Overall, the propane price was still at a high level, and downstream buyers were looking for bargains to enter the market. There was a clear resistance to high prices, and it is expected that the focus of the high propane price will shift downward in the short term.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
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