CFR Far East

　In the CFR Far East market, prices for Japan and China delivery inched down on increasing supply. As of Jun 5, Japan Index moved down by $1.75/mt from May 30 to $539.25/mt for propane and $509.25/mt for butane. Sellers emerged from later last week and the market was pushed down. Regarding 23,000mt propane cargoes for first-half July delivery to Japan, a deal was done at a premium of $11/mt to July CFR Far East quotations (equivalent to $539/mt or a discount of $42/mt to the July CP). An operator of a propane dehydrogenation (PDH) plant in South China carried out a buy tender and it received offers from nine companies. The operator was reported to have bought two 23,000mt propane cargoes from Chinese players at a level equivalent to a premium of $10/mt or the high $10's/mt to the July CP.

　

FOB Middle East

　 For July loading, sellers with 44,000mt 50:50 cargoes could seemingly sell at a discount of $20/mt to the July CP. Middle East traders had ample stocks of butane and a gas producer in Qatar seemed to have room to sell even-split cargos for July loading. A Middle Eastern trader affiliated Saudi Aramco had a similar cargo, but it shifted to sell the cargo on a CFR basis. On the other hand, some buyers appeared in the market. one Middie Eastern trader was reported to have bought a 44,000mt 50:50 cargo at a discount of $20/mt to the July CP. Further, Bharat Petroleum Corporation Limited (BPCL) carried out a buy tender closing on Jun 5 for a 44,000mt 50:50 cargo for July loading.

　

Asia Pressurized Market

　Some sources pointed out that a Chinese trader recently increased trades for pressurized cargoes between Korea and China. One Malaysian petrochemical company, Pengerang Refining and Petrochemical(PRefChem) might restart the cracker by the end of June. PRefChem had surplus LPG which was planned to use as a feedstock for petrochemicals and it had sold five cargoes for first-half June loading through a tender.