SunSirs: The Propane Market Rose First and Then Fell This Week (November 6-10)
November 13 2023 10:22:04 SunSirs (John)
Price trend
This week, domestic Shandong propane rose first and then fell. According to the Commodity Market Analysis System of SunSirs, the average price of propane in Shandong on November 6th was 5,648 RMB/ton, and on November 10th it was 5,663 RMB/ton. The weekly increase was 0.27%, and a decrease of 1.16% compared to the same period last year.
Analysis review
This week (11.6-11.10), the Shandong propane market rose first and then fell. At the beginning of the week, the inventory in the Shandong propane market was low and goods were moving smoothly. With a sudden drop in temperature, downstream actively entered the market, while upstream prices rose. In the second half of the week, the price of propane rose to a high level, and downstream resistance was evident. The increase was recouped, and the price dropped to the level at the beginning of the week.
Saudi Aramco's November CP was introduced, with propane at 610 US dollars per ton, an increase of 10 US dollars per ton compared to the previous month; Butane was 620 US dollars per ton, an increase of 5 US dollars per ton compared to the previous month.
Market outlook
Overall, the price of propane was returning to rationality, downstream demand was stable, and upstream inventory was controllable. It is expected that the price of propane will be sorted out in a narrow in the short term.
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