CFR Far East

Early last week, the CFR Far East market had surged due to tight supply/demand. Nevertheless, the market had dived in the middle of the week onwards. For first-half August delivery, on Wednesday, a 23,000mt propane cargo had been traded at a level equivalent to a premium of $24.5/mt to the August CP. Further, a 46,000mt propane cargo for first-half August delivery was apparently traded at a small discount to flat to August CFR Far East quotations. Rim Asia Index for propane and butane was at $656.25/mt and $661.25/mt as of Jul 8, down $23.75/mt and $18.75/mt respectively from Jul 2.　

FOB Middle East

The expected August CP was revised down to about $630/mt for propane and butane. Spot cargoes for August loading were available. One Qatari producer moved on selling a 45,000mt propane cargo for first-half August delivery via its tender. Further, one Thai importer apparently offered a 44,000mt 50:50 cargo for August loading at a small premium to the August CP. Under this situation, views were heard that 44,000mt 50:50 cargoes might be discussed at flat to the August CP.

Asia Pressurized Market

In the FOB South China market, several sellers could offer July loading cargoes. Offers were heard at a premium in the high $30's/mt to the July CP and at a premium in the mid $30's/mt to the August CP. For delivery to South Asia, demand in Bangladesh was firm. With lockdown conducted, cooking demand at home was increasing. Discussion levels for July delivery to Bangladesh were heard at a premium of $90-95/mt to the July CP.