SunSirs: The Propane Market Saw a Slight Increase This Week (March 18-22)
March 25 2024 15:13:01 SunSirs (John)
Price trend
According to the commodity market analysis system of SunSirs, the domestic Shandong propane market stopped falling and rose this week. On March 18th, the average price of propane in Shandong's market was 5,165 RMB/ton, and on March 22nd, the average price was 5,200 RMB/ton, an increase of 0.68% in the cycle and 0.92% compared to the same period last year.
Analysis review
This week (3.18-3.22), the propane market in Shandong stabilized first and then rose. Affected by the strengthening of crude oil and the rise of external prices, the market atmosphere was effectively boosted, and trading improved. Domestic propane prices stopped falling and rose. 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 cost 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 RMB per ton for propane and 5,279 RMB per ton for butane.
Market outlook
Overall, there is still an expectation of a decrease in combustion demand in the future, with increasing resistance to further increases. It is expected that the propane market will experience a narrow consolidation in the short term.
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