SunSirs: China Shandong LPG Stopped Falling and Rebounded Last Week (January 2-5)
January 08 2024 09:58:36 SunSirs (Selena)
Last week (1.2-15), the Shandong LPG market stopped falling and rebounded. According to the commodity market analysis system of SunSirs, the average price of LPG in the civilian Shandong market was 4,926 RMB/ton on January 2, and 4,978 RMB/ton on January 5, an increase of 1.08% during the cycle and a decrease of 5.07% compared to the same period last year.
Last week, the civilian LPG market in Shandong rebounded at the bottom, but the momentum was insufficient. During the week, the January CP rose, driving an improvement in the market atmosphere and a rebound in the bottom of LPG. However, the recent increase in operating rates of domestic refineries has led to a significant increase in domestic gas supply, and it is expected that there will be a dense influx of imported ships during the New Year holiday. The loose supply margin has led to an overall decline in the domestic market. The weakening of fundamentals has led to increased resistance to the rise of LPG, and prices have begun to stabilize in the later part of the week.
Looking at the future market, there is a loose supply of goods in the current market, and downstream demand is less than expected. The benefits of CP rise are exhausted, and under the contradiction of supply and demand, it is expected that the LPG market will return to a weak position in the short term.
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