CFR Far East

　 In the CFR Far East market last week, prices went down due to perceptions of loose supply/demand. The Rim Asia Index for propane and butane was at $659.50/mt and $664.50/mt respectively as of Oct 24, down $4.00/mt from Oct 18. Regarding discussions for second-half November delivery, demand from China was seen to be weak while sellers having pure propane cargoes were gradually increasing. There was a deal done for a 46,000mt propane cargo for second-half November delivery to a propane dehydrogenation (PDH) plant in Ningbo operated by one Taiwanese importer in the low single digit premium to November CFR Far East quotations. After the deal, one British Major and one European trader showed selling interest for similar cargoes and sources believed that the supply/demand situation for second-half November delivery was slackening.

FOB Middle East

　The November CP was forecast at about $625/mt for propane and about $620/mt for butane. For November loading, most buyers were said to have covered their demand and traders trying to cover their short positions secured supply already. For term cargoes for 2025, some Southeast Asian importers were expected to reduce their term intake volume. As a result, these importer might increase their spot purchase volume of 44,000mt 50:50 cargoes.

Asia Pressurized Market

　On an FOB South China basis, discussion levels remained steady at a premium in the $50-60/mt to the CP. For Southeast Asia loading, Pengerang Refining and Petrochemical(PRefChem), a major petrochemical company, had carried out a sell tender with unknown results. A residue fluid catalytic cracking(RFCC) at PRefChem's refinery halted operations from October. Some sources said that the RFCC resumed operations last midweek. In the Philippines, term tenders for 2025 by Isla and Prycegas were reported to have been awarded.