CFR Far East

　 The CFR Far East market softened amid looser supply/demand fundamentals. The Japan Index stood at $969.00/mt for propane and $1,119.00/mt for butane, while the China Index was assessed at $1,045.50/mt for propane and $1,195.50/mt for butane. Sellers holding pure propane cargoes for second-half November to first-half December delivery continued to be observed in the market, while no fresh spot procurement by Chinese players emerged. In discussions for cargoes containing butane, Chevron's FOB-based sell tender for a 44,000m5 25:75 cargo loading from Dampier, Australia in late November was apparently heard to have been awarded. A South Korean importer was believed to have won the tender, although the price remained unclear.

FOB Middle East

　 Middle East gas suppliers continued to market cargoes through ship-to-ship (STS) operations and on a delivered basis. QatarEnergy conducted a sell tender that closed on Oct 26 for a 44,000mt propane cargo to be supplied either on an STS Vadinar basis off India's west coast or on a DES basis during Oct 25-Nov 3. A Kuwaiti gas supplier was also apparently heard to have sold two spot cargoes through bilateral discussions or tenders conducted among a limited group of participants. Meanwhile, fresh buying interest emerged in the market. Bharat Petroleum Corporation Limited (BPCL) of India issued a buy tender for six 45,000mt 50:50 cargoes for November-December delivery, with cargoes to be received either through STS operations at Sohar, Oman, or on a delivered basis into India.

Asia Pressurized Market

　 On an FOB South China basis, available cargoes emerged, and this pushed down the market. Spot cargoes for November loading were seen in the spot market. Some sellers lowered their ideas and discussions might be held at a premium of $400/mt to the November CP. Meanwhile, in Vietnam, a major supplier announced their customers in South Vietnam to cut sales volumes in October and November. Under such circumstances, supply was expected to tighten going forward. In South Asia, one trader in Oman was reported to have sold spot cargoes for November and December delivery to Bangladesh.