SunSirs: The Propane Market Fluctuated and Rose in January
January 29 2024 15:36:31 SunSirs (John)
Price trend
The domestic propane market fluctuated and fell in January. According to data monitoring from SunSirs, the average price of propane in Shandong's market was 5,588 RMB/ton on January 1st, and 5,370 RMB/ton on January 26th. The monthly decline was 3.89%, and a decrease of 12.49% compared to the same period last year.
Analysis review
The domestic propane market was weak and declined in January. At the beginning of the month, Saudi Arabia introduced a slight increase in CP in January, which slightly boosted the propane market and slightly boosted prices. Subsequently, due to sluggish downstream demand and active upstream buying, coupled with weak prices of crude oil and related liquefied gas, propane prices continued to decline under the pressure of bearish news. On site inventory was relatively high, with downstream buying on dips and upstream reducing prices to reduce inventory.
Saudi Aramco announced its January 2024 CP, with propane priced at 620 US dollars per ton, an increase of 10 US dollars per ton compared to the previous month; Butane was 630 US dollars per ton, an increase of 10 US dollars per ton compared to the previous month.
Market outlook
Overall, there were signs of an upward trend in the propane market at the end of the month. As the Spring Festival approaching, the upstream actively sold goods, while the downstream was not actively entering the market. The CP is about to be introduced in February, and it should be closely monitor the external market trends. It is expected that the propane market will operate stronger in the short term.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
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