CFR Far East

In the CFR Far East market last week, prices weakened in the wake of perceptions of slack supply/demand. Rim Asia Index was at $917.50/mt for propane and $937.50/mt for butane as of Mar 31, down $31.50/mt from Mar 25. Several sellers were reported to have 46,000mt propane cargoes for first-half May delivery and supply was seen to be ample. As for demand, Far East importers had thin interest in spot procurement for this timing and there were only some traders seeking 23,000mt propane cargoes. Bids for 23,000mt propane cargoes were heard at a premium of $31/mt to May CFR Far East quotations (equivalent to $18/mt to the May CP).　

FOB Middle East

The April CP was set at $940/mt for propane and $960/mt for butane, higher by $45/mt and $40/mt respectively from the previous month. Propane prices were higher than expectations, according to sources. As of Mar 30, crude prices were above the level at the end of February and were expected to continue to rise going forward. Sources pointed out that this was cited as a bullish factor. The May CP was forecast at about $846/mt for propane or about $866/mt for butane. Qatar Petroleum for the Sale of Petroleum Products Company Limited (QPSPP) released the acceptance for May loading. According to sources, there were some advancements of a few days against nominations. Thus, QPSPP was reported to have high stocks and some sources perceived that the supplier could sell one or two cargoes for May loading.

Asia Pressurized Market

In the FOB South China market, one importer from South China offered April loading at a premium in the low-mid $40's/mt to the April CP while buyers were not observed in the market. As for CFR Vietnam, buying interest was dull since Vietnamese importers were wary of high prices based on the April CP. Under this situation, views were heard that cargoes for April delivery might be discussed at a premium of $90-100/mt to the April CP.