CFR Far East

　 In the CFR Far East market last week, prices dived owing to perceptions of ample supply. Rim Asia Index for propane and butane was at $693.00/mt and $683.00/mt as of Aug 4, down $30.75/mt from Jul 29. Propane supply for September delivery was ample. Jinneng Chemical, an operator of a propane dehydrogenation (PDH) plant in North China carried out a buy tender and there were 12 offers into the tender. Jinneng Chemical seemed to have bought two 46,000mt propane cargoes from one East China importer and one Chinese trader. The prices were heard at a discount of mid-high single digit to September CFR Far East quotations and at a premium in the low $30's/mt to the September CP. After the tender, in the CFR Japan market, some sellers lowered their offers for 23,000mt propane cargoes to a discount of $10/mt to September CFR Far East quotations. Selling pressures were strengthening.

FOB Middle East

　 The August CP was set at $670/mt for propane and $660/mt for butane, down $55/mt and $65/mt respectively from the previous month. Sources pointed out that the August CP was set lower than expected. Middle Eastern traders were offering several spot cargoes and supply was seen to be ample. This was considered, according to sources. At the moment, the September CP was expected at around $650/mt for propane and at $640mt for butane. For September loading, a buy tender issued by Indian Oil Corp Ltd (IOC) was said to have been awarded at a discount in the low $10's/mt to the September CP. The winner seemed to be one Turkish trader.

Asia Pressurized Market

　 In the FOB Southeast Asia market, one Malaysian petrochemical producer apparently carried out a sell tender for mixed butane/butylene cargoes for first-half August loading. The total volume was said to be 3,500/mt. For delivery to Bangladesh, offers for second-half August delivery were heard at a premium of $100/mt to the August CP.