GUANGZHOU (ICIS C1)--Saudi Aramco released its June LPG contract prices (CPs) on Wednesday, with propane price up by $10/tonne to $745/tonne and butane price down by $5/tonne to $770/tonne as compared with March, traders said.
The prices are slightly higher than market expectations, which were $740/tonne for propane and $765/tonne for butane, market sources said.
The increase in propane CP is mainly because of strong buying interest from Chinese importers, the sources also said.
China’s LPG imports in May-June stayed above 400,000 tonnes/month, ICIS C1 reported earlier.
The spread between butane and propane narrowed to $25/tonne, as the demand for butane from chemical companies declined amid narrowed price difference between butane and naphtha, according to the sources.