SunSirs: The Propane Market Rose First and Then Fell This Week (February 19-23)
February 26 2024 15:25:59 SunSirs (John)
Price trend
According to the commodity market analysis system of SunSirs, the domestic Shandong propane market rose first and then fell this week. On February 19th, the average market price of propane in Shandong was 5,258 RMB/ton, and on February 23rd, the average price was 5,250 RMB/ton, a decrease of 0.14% during the cycle and a decrease of 14.35% compared to the same period last year.
Market Overview
This week (2.19-2.23), the Shandong propane market first rose and then fell, with an overall slight decline. The market has gradually recovered since the beginning of the week and the beginning of the year. Upstream inventory was controllable, while downstream demand remained low, and prices had slightly increased. Subsequently, due to the impact of snowfall weather, the on-site transportation capacity decreased, and upstream goods were not smooth, resulting in a shift in propane prices from rising to falling.
Saudi Aramco announced its CP in February 2024, with propane priced at 630 US dollars per ton, an increase of 10 US dollars per ton compared to the previous month; Butane was 640 US dollars per ton, an increase of 10 US dollars per ton compared to the previous month.
Market outlook
Overall, due to the impact of price decline, downstream entry into the market was cautious, while upstream inventory pressure increased. It is expected that propane will mainly experience a downward trend under pressure in the short term.
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