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InternationalMarkets/Weekly Summary

LPG: Aug 23-27: Prices rise on strong crude prices and firm demand

CFR Far East

The CFR Far East market rose owing to robust crude prices and firm demand from Japan. Last week, one 23,000mt propane cargo for second-half September delivery was traded at a discount of $7-8/mt to September CFR Far East quotations. Further, a 44,000mt 75:25 cargo for first-half October delivery was apparently traded at a discount of $1-2/mt to October CFR Far East quotations. Rim Asia Index for propane and butane was at $694.13/mt and $699.13/mt respectively as of Aug 26, up $12.25/mt from Aug 26.

 

FOB Middle East

The expected September CP was revised up to about $665/mt for propane and about $660/mt for butane. One Qatari producer apparently sold one 45,000mt propane cargo for mid-September loading to one Japanese importer at a discount level to the September CP. Further, for October loading, some sellers could apparently sell a 44,000mt 50:50 cargo at a premium of $1/mt to the October CP. One Indian importer have procured a 44,000mt 50:50 cargo for October loading from a state-owned company in the Middle East by exercising an option for additional term supply at a discount level to the October CP.

 

Asia Pressurized Market

In the FOB South China market, some refrigerated cargoes importers offered September loading cargoes at a premium in the mid $30's/mt to the September CP. Although buyers were not seen, there were no sellers showing concessions by lowering offers. According to some sources, domestic sales were recently recovering and importers did not rush into spot sales. For Southeast Asia loading, cargoes for early September loading from Singapore, Malaysia and Brunei were offered. In Vietnam, as a lockdown was extended, domestic consumption was still weak. Under this situation, Nghi Son refinery issued a sell tender for early September loading cargo and the cargo was expected to be supplied to South China.

 

Tokyo : LPG Team  kkensuke   +81-3-3552-2411Copyright © RIM Intelligence Co. ALL RIGHTS RESERVED.