CFR Far East

　 In the CFR Far East market last week, prices climbed due to rising demand. The Rim Asia Index was at $624.00/mt for propane and $664.00/mt for butane as of Feb 15, up $19.50/mt from Feb 9. Fort second-half March delivery, demand from traders was strengthening. Two European traders were reported to have bought 23,000mt propane cargoes. Further, Sources said that cargo loadings in the US were delayed. As a result, buyers were said to be appearing in the spot market to cover their short positions. For butane, fresh demand also appeared. One steel maker in Japan carried out a buy tender for a 11,000mt butane cargo. Along with this, Japanese importers were trying to buy cargoes containing butane at the moment.

FOB Middle East

　 The March CP forecast was expected at around $620/mt for propane and at around $630/mt for butane. One Middle Eastern trader was said to have bought a 44,000mt 50:50 cargo for March loading from a North Sea gas producer. After the deal, fresh talks were not reported and most buyers seemed to have covered their demand. Additionally, freight costs were rising and this dampened buying interest on an FOB basis. Sources reckoned that discussion levels for 44,000mt 50:50 cargoes were no longer at a premium to the March CP.

Asia Pressurized Market

　On an FOB South China basis, no buyers and sellers were seen due to the Lunar New Year holidays. As South China importers were seen to have enough stocks to carry out spot sale, sellers were expected to emerge after the holidays. In Southeast Asia, a Malaysian petrochemical maker conducted a sell tender for a cargo loading mid-February.