CFR Far East

　 In the CFR Far East market last week, prices for both Japan delivery and China delivery weakened and perceptions of supply/demand loosening. The Japan Index showed propane at $804.50/mt and butane at $904.00/mt, both down $108.50/mt from the previous week. The China Index for propane was at $888.00/mt and for butane at $988.00/mt, also down $108.50/mt. Early last week, sellers for 23,000mt propane cargoes for second-half May delivery emerged in the spot market and several deals were concluded, which temporarily dampened buying interest. For China delivery, a 46,000mt propane cargo for the same timing was also traded into North China. Meanwhile, butane discussions continued to struggle. A South Korean petrochemical company canceled its buy tender for butane for early-June delivery as no offers were received. In another buy tender conducted by an importer in South China, offers for propane/butane even-split cargoes were submitted but the tender eventually failed. With strong demand from India, inflows of cargoes containing butane into the Far East were seen to be limited.

　

FOB Middle East

　 No firm progress was seen in discussions for May loading. Market attention focused on the outlook for negotiations aimed at ending the conflict between the US and Iran. Information emerged that one Indian LPG ballast vessel entered the Persian Gulf after the closure of the Strait of Hormuz and headed toward Ruwais, marking the first such movement since the military confrontation between the US and Iran. However, following this, the US was said to have effectively blockaded the Strait of Hormuz in reverse, making it difficult for the vessel to exit the Persian Gulf. In this situation, speculation surfaced that Saudi Aramco would issue acceptances for May loading. Meanwhile, some sources viewed that it remained uncertain whether Saudi Aramco could notify acceptances, as the restoration of its Juaymah LPG export terminal was seen lagging.

　

Asia Pressurized Market

　In the pressurized cargo market, tightening supply/demand pushed up the market. For South China loading, several buyers from Vietnam and the Philippines were seeking cargoes for. Meanwhile, at least two sellers had room to offer spot cargoes for May loading, but they did not indicate firm offers. For Southeast Asia loading, no available cargoes were seen in the market. Along with tight supply, importers in Bangladesh were trying to buy spot cargoes, but they were cautious for high prices. In Vietnam, one major supplier was said to have secured refrigerated cargoes and announced that it could supply term cargoes in the domestic market. As a result, buyers were focusing on checking supply/demand balance and taking a wait-and-see stance.