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Zhuochuang Information: July LPG prices continue to move downward

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Middle East conflict continues to ease, geopolitical premium dissipates rapidly, and amid supply-and-demand games in the market, South China LPG prices have seen their downtrend strengthen since mid-to-late June. As of July 7, the average LPG price in South China is 5,138 yuan/ton, falling by more than 1,200 yuan/ton in just about twenty days. Looking ahead, the market is still expected to operate in a weak trend. The bearish logic stemming from the easing of Middle East geopolitical tensions remains in effect and continues to weigh on the market; downward pressure on the cost side has not disappeared. In addition, in July, South China import terminals have a concentrated arrival schedule, creating an expectation of increased supply in market cargoes. Since summer end-demand is already in a traditional off-season, support from rigid demand is weak. With additional incremental cargo supplies, circulation pressure in the market is further intensified, making it difficult to reverse the loose pattern of supply exceeding demand. (Zhuochuang Information)
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