CFR Far East

The CFR Far East market fell last week due to increasing supply of cargoes for second-half May delivery. Nevertheless, offers were not heard in the market for first-half May delivery and the spread between first-half May and second-half May were wide apart by $10/mt or above. This was because congestions were persisting at the Panama Canal and few sellers held cargoes for first-half delivery to the Far East. Rim Asia Index for propane and butane was at $560.00/mt and $520.00/mt respectively as of Apr 8, down $10.75/mt from Apr 2. For delivery to China, one 23,000mt propane cargo for late May delivery to East China seemed to have been traded at a premium in the low $40's/mt to the April CP.

FOB Middle East

The May CP was expected at about $510/mt for propane and about $480/mt for butane, similar to the end of the previous week. In the spot market, one Kuwaiti gas producer sold a 44,000mt 50:50 cargo for end-April loading and a 44,000mt 75:25 cargo for early May loading one after another. Chinese and Korean importers had been apparently interested in procuring these cargoes since supply of cargoes for first-half May delivery tightened in the CFR Far East market. A discount for propane and butane to the May CP rose to $5-10/mt and $15-20/mt respectively.

Asia Pressurized Market

On FOB South China, some refrigerated cargo importers could sell cargoes for second-half April loading at a premium in the low $30's/mt to the April CP. However, buyers were not interested in entering discussion based on the April CP. As for FOB Southeast Asia, spot cargoes for April loading from Malaysia and Brunei seemed available in the market although offer levels were unknown.

　

Sample Report