CFR Far East

The CFR Far East market rose last week due to a recovery in buying interest for pure propane cargoes ex-US. The Rim Asia Index gained to $426.75/mt for propane and $503.75/mt for butane as of Feb 13, up $18.75/mt and $13.75/mt respectively from Feb 7. Several buyers moved to buy 23,000mt propane cargoes for first-half and second-half March delivery and some deals were done. Regarding similar cargoes for second-half March delivery, several buyers were still interested in procuring.

FOB Middle East

The expected March CP for propane was revised up to the $400's/mt due to rising crude prices. The expected March CP for butane was revised down to the $440's/mt due to weak demand from China. A sell tender issued by Kuwait Petroleum Corp (KPC) that had closed last Thursday with validity until the same day both local Kuwaiti times was reportedly awarded at a low single discount to the March CP. Through the tender, KPC was trying to sell an ex-Mina Al-Ahmadi Mar 6-7 loading 44,000mt 50:50 cargo.

Asia Pressurized Market

For FOB South China cargoes, some refrigerated cargo importers from South China had enough inventories to sell cargoes for second-half February loading but refrained from offering in the absence of active buyers. Regarding CFR Vietnam, one importer from Haiphong had high inventories on account of a significant decrease in its domestic sales. Thus, the importer would take the minimum quantities of term cargoes for March delivery.

Sample Report