SunSirs: The Propane Market Continued to Decline This Week (January 15-19)
January 23 2024 09:39:37 SunSirs (John)
Price trend
According to the commodity market analysis system of SunSirs, the domestic Shandong propane market continued to decline this week. On January 15th, the average price of propane in Shandong's market was 5,475 RMB/ton, and on January 19th, it was 5,388 RMB/ton. The weekly decline was 1.6%, and a decrease of 12.21% compared to the same period last year.
Analysis review
This week (1.15-1.19), the propane market in Shandong experienced a weak decline. The increase in crude oil prices during the cycle had limited impact on the propane market. Propane was greatly affected by its own fundamentals, with high upstream inventory and active purchasing. Downstream market entry enthusiasm was not high, and pre holiday stocking behavior was not obvious. In order to stimulate purchasing, propane prices had fallen.
Saudi Aramco announced its December CP, with propane at 610 US dollars per ton, stable from the previous month; Butane was priced at 620 US dollars per ton, stable from the previous month.
Market outlook
Overall, due to the weak external low prices, the confidence in the domestic propane market is insufficient, and it is expected that the propane market will remain weak in the short term.
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