SunSirs: This Week, the Propane Market Experienced a Weak Decline (March 11-15)
March 18 2024 11:55:02 SunSirs (John)
Price trend
According to the commodity market analysis system of SunSirs, the domestic Shandong propane market continued to decline this week. On March 11th, the average market price of propane in Shandong was 5,255 RMB/ton, and on March 15th, the average price was 5,183 RMB/ton, a decrease of 1.95% during the cycle and a decrease of 7.99% compared to the same period last year.
Analysis review
This week (3.11-3.15), the propane market in Shandong fell first and then stabilized. At the beginning of the week, propane prices fell weakly due to the dual negative impact of weak crude oil and weak demand. Subsequently, downstream investors entered the market on dips, providing support for prices and stabilizing them. On the demand side, the weather in the north was warming up, the demand for combustion was decreasing, and the demand for chemical products was relatively stable.
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 remains unchanged month on month. The landed cost was around 5,160 RMB per ton for propane and 5279 RMB per ton for butane.
Market outlook
Overall, there is still an expectation of a decrease in combustion demand in the future, with limited support for the propane market. It is expected that the propane market will operate weakly and fluctuate in the short term.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
