CFR Far East

　 The CFR Far East market gained for both Japan delivery and China delivery due to firm demand from traders and a recovery in buying interest from China. As of Apr 30, the Japan Index showed propane at $898.50/mt and butane at $998.50/mt, while the China Index showed propane at $982.50/mt and butane at $1,082.50/mt, all marking an increase of $104.75/mt compared with Apr 23. For China delivery, one Japanese importer was seen to have sold Australia‑origin propane to a petrochemical company in East China and other importers were perceived to have tried to sell its Canadian‑origin cargoes. Other petrochemical companies were also reported to have conducted buy tenders and several potential buyers were expected. However, import costs continued to weigh on petrochemical plant margins and some petrochemical companies were still refraining from procuring import cargoes and instead covering demand with domestic supply.

　

FOB Middle East

　The May CP was set unchanged from the April CP. Some sources viewed that the CP was kept unchanged as the situation in the Middle East and supply conditions from Saudi Aramco for May remained unchanged from April. Iraq's State Organization for Marketing of Oil (SOMO) conducted a buy tender on a CIF basis for two 15,000mt LPG cargoes for delivery from May 1 onward. The tender closed on Apr 29, with offers validity set for 20 days from Apr 29. Amid military conflict in the Middle East, crude oil production in Iraq was declining, leading to a shortage of LPG supply for the domestic market. Meanwhile, importers in India and Southeast Asia moved to procure US‑origin cargoes in place of Middle East supply. In these countries, domestic demand was seen to have eased due to high prices, and LPG production at refineries in India was reported to have increased.

　

Asia Pressurized Market

　 The pressurized cargo market fell further due to slack supply/demand. For South China loading, sellers offered cargoes for May loading at a premium of $330/mt to the May CP while buyers were hesitant to enter talks at this level. Under such circumstances, the possible trading level was seen to be at a premium of $300/mt to the May CP. In Vietnam, domestic demand was retreating due to high prices and there were congestions at Haiphong terminal with high stocks. Sources pointed out that vessels had to wait for discharge for five to seven days.