SunSirs: The Propane Market Fluctuated and Stabilized This Week (March 4-8)
March 12 2024 10:51:27 SunSirs (John)
Price trend
According to the commodity market analysis system of SunSirs, the domestic Shandong propane market haD been fluctuating this week. On March 4th, the average market price of propane in Shandong was 5,275 RMB/ton, and on March 8th, the average price was 5,275 RMB/ton. There was no increase or decrease during the cycle, and it decreased by 9.32% compared to the same period last year.
Analysis review
This week (3.4-3.8), the Shandong propane market rose first and then fell, with prices remaining unchanged from the beginning of the week. At the beginning of the week, due to the rise in prices due to reasons, coupled with controllable on-site inventory, propane prices rose accordingly. After the rise, the enthusiasm for downstream entry into the market weakened, coupled with the warming weather and weakened demand for combustion, leading to a downward pressure on propane prices.
Saudi Aramco announced its CP in March, with propane at 630 US dollars per ton; Butane costed 640 US dollars per ton, while the contract price for propane and butane remained unchanged month on month. The landed cost in RMB was around 5,160 yuan per ton for propane and 5,279 yuan per ton for butane.
Market outlook
Overall, there is an expectation of a decrease in combustion and chemical demand in the future, and the upstream price support mentality will weaken. It is expected that the propane market will experience a narrow decline in the short term.
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