☆RIM LPG INTELLIGENCE DAILY★NO.5603 Aug 29 2024
Copyright(C) 2024 Rim Intelligence Co. All rights reserved.
--TOKYO, 18:30 JST Aug 29 2024<Assessment Closing Time>◎Notice○Rim selling power tender data CD for fiscal year 2023
Rim Intelligence is selling the CD on power tender data for the fiscal year 2023. The CD is
the year 2023 version of power tender data, which is highly regarded by the industry sincecovers the tender results by public institutions across Japan between April 2023 and March
2024. The 2023 CD elaborates on a combined 4,071 tenders (4,168 tenders in the 2022 CD) andmakes year-on-year comparisons for 2,058 tenders (1,000 tenders in the 2022 CD). For
overseas customers outside of Japan, data in the CD is emailed and payment can be made in
US dollars.
For application, please click:https://eng.rim-intelligence.co.jp/contents/info/powerDataCd2021eng.pdf○Rim Asia Index Thursday: Propane 660.75 (-2.50) / Butane 650.75 (-2.50)
The Rim Asia Index a reflection of the CFR Far East spot market and is calculated based on
the average of 4 quotations: the first two lines for CFR Japan and the two lines for CFR China.
Each line refers to the price assessment for one half-month. The front line for both CFR Japanand CFR China changes every 1st and 16th of the month.
○RECX-22 index
RECX-22 index for Thursday was 165.22, down 2.95 points from the previous day------------------------------------------Introduction of Rim reports-----------------------------------------Please access the URL below for a lineup of Rim reports. You can view sample reports aswell as detailed explanations on the contents:
https://eng.rim-intelligence.co.jp/report/
Lineup:Bunker Oil

Crude/Condensate

LPG

Petrochemicals

LNG

Power

Products
Polyolefins

Daily Data

Biomass (Weekly)
Rim Data File

For inquiries on the above, please contact:
Tel: +81-3-3552-2411
Email: info@rim-intelligence.co.jp

Rim reports are copyrighted publications.

Rim LPG Intelligence Daily

the first issue for the fiscal year 2014. The latest version is released only in Japanese andRIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎Refrigerated Cargoes ($/mt)○FOB Middle East Spot Prices
FOB spot prices (Sep)
FOB spot prices (Oct)FOB premiums (Sep)
FOB premiums (Oct)Aramco CP (Aug)Aramco CP (Sep)
Expected CP (Oct)
Expected CP (Nov)-4

PROPANE
617-621611-615 -4+12/+16+6/+10590
605
605 -4606 -3

-4

(597)
(599)
(604)

BUTANE
607-611601-605 -4+12/+16+6/+10570
595
595 -4596 -3

(584)
(586)
(594)

--Figures in brackets are a cumulative monthly average in the current month—－○Saudi CP Swaps ($/mt)
Oct
Nov
Dec

-4
-3

PROPANE
604-606 -4
605-607 -3
608-610○FOB US Gulf Coast Spot Prices
PROPANEFOB USGC spot prices (Sep)
FOB USGC spot prices (Oct)*FOB USGC premiums (Sep)*FOB USGC premiums (Oct)

+8
+8
+10
+10

($/mt)
513- 518
522- 528+109/+115+109/+115

+8
+9
+11
+11

+
+
+2.00
+2.00

(cts/gal)
98.500- 99.500+
100.250-101.250++21.00/ +22.00 +2.00+21.00/ +22.00 +2.00*Premium to Mont Belvieu quotations○Mont Belvieu Swaps
PROPANE
Aug
Sep
Oct
Nov

(cts/gal)- 76.750-77.000 - 77.250-77.750 - 79.000-79.500 - 79.500-80.000 -($/mt)
399.87-401.17
402.47-405.08
411.59-414.20
414.20-416.80○Contract Prices/Postings ($/mt)

North Sea
Aug24
Algeria-Sonatrach Aug24
Saudi ARAMCO CP
Sep24

PROPANE
548.00555.00605.00

BUTANE
504.00500.00595.0079.22
PROPANE($/mt)
649.52613.0094%

BUTANE($/mt)
640.61603.0094%○Calorific Values

Arabian Light($/bbl)
LPG Calorific values
FOB Spot Cargo prices (Oct)Spot LPG vs AL*Arabian Light Price is from Rim Crude/Condensate Report*Sep Arabian Light premium against Dubai/Oman is $ 2

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp○CFR Japan Spot Prices
CFR Japan($/mt)PROPANE
BUTANESep 2nd-half-1 658-659 -1-1 648-649 -1
Oct 1st-half-4 653-655 -4-4 643-645 -4
Oct 2nd-half-4 653-655 -4-4 643-645 -4
Premiums to Applied CP ($/mt)
PROPANE
BUTANE
prem.(Sep 2H)-1 +53/+54 -1-1 +53/+54 -1
prem.(Oct 1H)+48/+50+48/+50
prem.(Oct 2H)+48/+50+48/+50
Japan Index
656.25 -3
646.25 -3
Exchange rate(TTS yen/$ as of Aug 29)*CFR Japan Naphtha
Oct 1st-half**Yen/mt
PROPANE
BUTANE
97,692
96,236
97,037
95,581
97,037
95,581***Premiums to Applied CFR Swaps ($/mt)
PROPANE+5/+6-2 +3/+5 -2-2 +3/+5 -2
145.53- 668.75-669.25 -*CFR Japan Naphtha prices are as of 19:00 Tokyo time.
**including Yen 1,860 Tax***Premiums to the mean of CFR Far East Propane Swaps○CFR China Spot Prices
CFR South
China
PROPANE($/mt)

BUTANE
667-668 -1-1 657-658 -1
662-664 -4-4 652-654 -4
Premiums to Applied CP ($/mt)
PROPANE
BUTANE
prem.(Sep 2H)-1 +62/+63 -1-1 +62/+63 -1
prem.(Oct 1H)+57/+59+57/+59
CFR East China($/mt)PROPANE
BUTANESep 2nd-half-1 667-668 -1-1 657-658 -1
Oct 1st-half-4 662-664 -4-4 652-654 -4
Premiums to Applied CP ($/mt)
PROPANE
BUTANE
prem.(Sep 2H)-1 +62/+63 -1-1 +62/+63 -1
prem.(Oct 1H)+57/+59+57/+59
China Index
665.25 -3
655.25 -3
Exchange rate(Middle yuan/$ as Aug 29)
Sep 2nd-half
Oct 1st-half-1-4*Yuan/mt
PROPANE
BUTANE
5,239
5,161
5,204
5,126
**Premiums to Applied CFR Swaps ($/mt)
PROPANE+14/+15-2 +12/+14 -2*Yuan/mt
PROPANE
BUTANE
5,239
5,161
5,204
5,126
**Premiums to Applied CFR Swaps ($/mt)
PROPANE+14/+15-2 +12/+14 -2
7.1299*Yuan/mt prices include tariff and the value added tax.
**Premiums to the mean of CFR Far East Propane Swaps○Rim Asia Index ($/mt)
PROPANE
660.75 -2.50○Cumulative Monthly Average (Aug 2024)($/mt)
PROPANE
648.46 (647.05)
The Figures above are a cumulative monthly average of RIM ASIA INDEX.
--Figures in brackets are previous month's average—-

Rim reports are copyrighted publications.

BUTANE
650.75 -2.50

BUTANE
641.16 (629.41)

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp○CFR India Spot Prices ($/mt)*CFR India
Sep 1st-half
Sep 2nd-half
Oct 1st-half

PROPANE/BUTANE
650-660
650-660-4 650-660 -4

Premiums to Applied CP+50/+60(Sep)+50/+60(Sep)+50/+60(Oct)*Refers to a propane-to-butane ratio of 50:50.

○CFR Far East Propane Swaps ($/mt)
Aug
Sep
Oct
Nov
○VLGC Freight Rates ($/mt)
Ras Tanura/F.East
Algeria/F.East
NWE/F.East
Yanbu/MED
Algeria/NWE
USGC/Far East(CGH)
USGC/Far East(Panama)
USGC/NWE

-1
-1
-2
-1

657-659652-654649-651648-650

-1
-1
-2
-1

-1

63- 65121-123
144-146
60- 6222- 24152-154
117-11966- 68-1-1-1○Term/Spot Combined Freight Rates ($/mt) -Single-Port Loading/Discharging
Middle East/Japan70.4 -0.6 (67.4)--Figures in brackets are a cumulative monthly average in the current month-◎Pressurized Cargoes○FOB South China Spot Prices($/mt)***FOB South China
Sep 1st-half
Sep 2nd-half

PROPANE/BUTANE
660-665660-665

Premiums to Applied CP+60/+65(Sep)+60/+65(Sep)○FOB Southeast Asia Spot Prices ($/mt)**FOB Southeast
PROPANE/BUTANE
Asia
Sep 1st-half
662-667
Sep 2nd-half
662-667

Premiums to Applied CP+64/+69(Sep)+64/+69(Sep)○CFR Vietnam Spot Prices ($/mt)**CFR Vietnam
PROPANE/BUTANE
Sep 1st-half
713-718
Sep 2nd-half
713-718

Premiums to Applied CP+115/+120(Sep)+115/+120(Sep)*Yuan/mt prices exclude tariff and the value added tax.
**

Refers to a propane-to-butane ratio of 30:70.

***

Refers to a propane-to-butane ratio of 50:50.

○Pressurized Freight Rates ($/mt)
South China/Bataan
South China/ Haiphong

64-66
44-46

Rim reports are copyrighted publications.

(*Yuan/mt)
PROPANE/BUTANE
4,706-4,741
4,706-4,741

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎China Domestic Wholesale Prices (Yuan/mt ex -terminal)○South China
East Guangdong
Shenzhen
Guangzhou
Zhuhai
Western Guangdong
Guangxi
Hainan+ 5,100-5,130 ++ 5,130-5,230 ++ 5,128-5,228 ++ 5,080-5,180 ++ 5,130-5,150 ++ 5,300-5,350 +
6,080-6,100*Refinery Posted Price○East China
JiangsuShanghai
Zhejiang
Fujian4,850-4,950- 4,750-4,800 4,830-4,930
4,980-5,080*Refinery Posted Price
4,850-5,020- 4,750-4,800 - 5,510-5,510 -

5,250-5,350
5,150-5,250
5,180-5,280*Refinery Posted Price
5,250-5,450
5,150-5,250
5,180-5,400○North China
North-East*
South-East**
Shandong***+ 5,080-5,080 ++ 5,100-5,100 ++ 5,100-5,100 +*Refinery posted price of Dagang, Tianjin, Yanshan, Huabei and Cangzhou Refinery** Refinery posted price of Shijiazhuang, Luoyang and Zhongyuan Refinery*** Refinery posted price of Jinan, Qingdao and local Refineries○Northeast China
Dalian*West Liaoning**
Hei Longjiang****Refinery Posted Price+ 4,550-4,550 +
4,600-4,600
4,940-4,940+ 4,530-4,550 +
4,580-4,600
4,920-4,940* Refinery posted price of Dalian Petrochem and WEPEC** Refinery posted price of Jinzhou Petrochem and Jinxi Refinery*** Refinery posted price of Daqing Petrochem and Daqing Refinery○Rim China Domestic Index
South China
East China

5,213 +
4,900 -

◎Dalian LPG Futures (Aug 29) (Yuan/Ton)

Dec
4,957
-41
4,965
4,976
4,940

SettleChange
Open
High
Low
Volume: 80,680lots

Open Interest:

Nov
5,044
-47
5,047
5,063
5,025
119,207lots (1lot=20mt)◎China Domestic Petrochemical Prices* (Yuan/mt)

Propylene (East China)
PP(Homo) - Yarn/INJ- 6,850-6,950
7,550-7,650*Prices are based on the Rim Petrochemicals Daily Report.

Rim reports are copyrighted publications.

Oct
5,143
-42
5,145
5,163
5,120

Sep
4,640
-43
4,678
4,689
4,604

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎Japan Domestic Spot Prices(Yen/mt)○Ex-Terminal Barge
Tokyo Bay (Keihin)
Hanshin.Kyushu

PROPANE
94,500-95,500
95,000-96,000

BUTANE
95,500-96,500
96,000-97,000

PROPANE
94,500-95,500- 94,000-95,000 95,000-96,000
95,000 -BUTANE
95,500-96,500
95,500-96,500
96,000-97,000
96,200○Ex-Terminal Truck
Tokyo Bay (Keihin)
ChukyoHanshin
Rim Japan Truck Index◎Cumulative Monthly Average (Aug 2024)(Yen/mt)○Ex-Terminal Barge
Tokyo Bay (Keihin)
Hanshin.Kyushu

PROPANE
98,22899,233

BUTANE
98,41399,265The Figures above are a cumulative monthly average of JAPAN DOMESTIC SPOT PRICE ASSESSMENTS.

○Ex-Terminal Truck
Tokyo Bay (Keihin)
ChukyoHanshin
Rim Japan Truck Index

PROPANE
98,22898,59899,84598,900

BUTANE
98,413
98,818100,065
99,115The Figures above are a cumulative monthly average of JAPAN DOMESTIC SPOT PRICE ASSESSMENTS.

○Expected CIF Japan Values (Yen/mt)
Sep
PROPANE
90,000
BUTANE
94,900Aug
95,50097,100Jul*
98,318106,266

Jun*
94,498
101,528

The figures above are Rim's expected CIF values for each grade, NOT including the power fuel-use LPG.
The quotations in the parenthesis refer to power fuel-use inclusive.
*The figures are preliminary CIF values, announced by the Japanese Ministry of Finance.

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎Middle East Market
Middle East supply for Oct loading unclear
Propane and butane prices for September
loading held steady from the previous day at a

For October loading, supply from the Middle

premium of $12-16/mt to the September CP on

East was unclear as Middle East producers had

Thursday.

yet to release their acceptances. Although theOrganization of the Petroleum Exporting

For September loading, availability fromCountries (OPEC) was expected to reduce theMiddle East producers appeared to be tight. A

scale of their crude production cuts in October,

Kuwaiti producer and a Middle East trader

the impact on LPG supply was seen to beaffiliated to an Abu Dhabi producer wereminimal.

believed to have low inventories. Further, spot
supply from Saudi Aramco was not seen.

In CP swap, the October propane contract was

Sources reckoned that owing to extremely hot

at $604-606/mt, down $4/mt from the previous

weather, butane demand for use in powerday. Reflecting this and falling crude prices on

generation in Saudi Arabia might haveWednesday, the October CP forecast wasincreased.

revised down to $605/mt for propane and$595/mt for butane.

The September CP was set at $605/mt for
propane and $595/mt for butane, up $15/mt

The November propane contract was

and $25/mt respectively from the previous

discussed at $1/mt above the October contract.

month. Although the September CP was mostly

Reflecting this, the November CP forecast wasin line with market expectations, some sources

revised down to $606/mt for propane andpointed out that the level was higher than the$596/mt for butane.

August CP due to perceptions of tightsupply/demand of cargoes from the Middle
East.

The December propane contract was discussed
at $3/mt above the November contract.

Propane and butane prices for October loading
stayed intact from the day before to a premiumof $6-10/mt to the October CP.
◎US/NWE Markets
Oct loading cargo was traded at MB+21-21.5cts
FOB US Gulf Coast (USGC) propane prices forthe premium for September and October loading

September and October loading gained byadvanced 2.00cts/gallon to 21.00-$8/mt and $9/mt from a day before to $513-

22.00cts/gallon as widening arbitrage to the Far

518/mt and $522-528/mt, respectively on

East generated strong buying interest.

Thursday. Relative to Mont Belvieu quotations,
Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

Views were heard that discussion levels for

Far East freight rates seen to be $117-119/mt, the44,000mt propane cargoes for October loading

netback from CFR Japan to FOB USGC was

were at a premium of 21-22cts/gallon to October

about $536.00/mt (or 102.88cts/gallon).

Mont Belvieu quotations. As the arbitrage from

September Mont Belvieu swaps were aroundthe USGC to the Far East was recently rising,

77.50cts/gallon. Therefore, relative to Montdemand was growing. Under this situation, one

Belvieu quotations, FOB USGC prices for

European petrochemical company was said tocargoes for September loading had to be ahave sold a 44,000mt propane cargo for Oct 2-3

premium of 25.38cts/gallon to Mont Belvieu

loading to one European trader at a premium of

quotations or lower in order for the arbitrage

21-21.5cts/gallon to October Mont Belvieu

from the US Gulf Coast to Japan to be open.

quotations.
Propane stocks in the US as of Aug 23 were at
For September loading, one European trader

93.07 million barrels (mil bbl), or 8.07mil mt,

seemed to have sold a 44,000mt propane cargo

down 2.5% from the same time a year earlier,for Sep 27-28 loading to one South Korean

according to weekly US Energy Information

importer. Although the price was unknown, theAdministration (EIA) data released on Aug 28.

spread between the CFR Far East market and US

Compared to the previous week, the level wasMont Belvieu quotations was much wider thanup 1.1%. Propane demand increased 139.4%

that for October and some sources pointed out

from a week earlier and showed a gain of 60.7%

that the price might have been higher than thefrom the same period last year.

spot market for October loading.
With CFR Japan prices for first-half Octoberdelivery at $654.00/mt for propane and USGCFar East Arrival Cost of USGC Spot Cargoes ($/mt)
Sep MB +aaPremium*aa+ aaFrtaa :
404
+
112
+
118
:
CFR Japan Oct 1st-half :Arbitrage :CFR Cost
634
654.0
OPEN

Far East Arrival Cost of USGC Term Cargoes ($/mt)
Sep MB + Terminal Cost* + aaFrtaa : CFR Cost
404
+
31
+
118
:
553
CFR Japan Oct 1st-half :654.0
Arbitrage :OPEN* Premium: Propane 21.50 cts/gal* USGC Terminal Cost: Propane 6.00 cts/gal

The USGC ex-pipeline market on Wednesday,
propane prices dropped $5/mt from a day before

WTI crude futures on the NYMEX extended

to the mid $390’s/mt, pulled down by extending

losses on Wednesday. The October contract ended

slides in crude prices. Meanwhile, butane prices

at $74.52, down $1.01 from the previous day. The

remained flat at just below $460/mt.

contract was $2.59 higher than one week ago.

In the CIF ARA market on Wednesday, propane

Crude futures were under selling pressure on

prices plunged $13/mt from a day before to thegrowing expectations that US crude demand

mid-high $580’s/mt, dragged down by weaker

would shrink. Weekly inventory data released on

crude prices. In the meantime, butane prices

Wednesday from the Energy Information

stayed flat at slightly above $550/mt.

Administration (EIA) showed that crude

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

inventories in the week ended on Aug 23 declined
by 800,000 bbl. But the scale of the draw was

North Sea Brent futures on the ICE declined

smaller than market forecasts. Market players had

further. The October contract was down 90cts

expected a decline of 2.30 mil bbls in crude

from the previous day at $78.65. The contract wasinventories. In addition, the dollar's weak trend$2.60 higher than one week ago.

against the euro paused, making dollar-based
crude prices less attractive, which also weighedon crude futures.
◎LPG Cargoes from West of Suez to Far East
LPG Cargo from West of Suez to Far East -- From the US & Canada
Loading
Place
PlayerVsl name
27-Aug-24 USGC
Euro Trader
DORAJI GAS
22-Aug-24 USGC
US Major
HLS DIAMOND
18-Aug-24 USGCUS SupplierPYXIS PIONEER
11-Aug-24 USGC
Japanese
VEGA SEA
09-Aug-24 USGC
Euro Trader
BW MALACCA
07-Aug-24 USGC
Euro Trader
ENEOS EXPLORER
07-Aug-24 USGC
Euro trader
SUMMIT RIVER
05-Aug-24 USGC
Euro Petrochem
BW BALDER
04-Aug-24 USGC
Euro Major
ENEOS EXPLORER
03-Aug-24 US Ferndale
British Major
BW BALDER
01-Aug-24 Marcus Hook
Euro Trader
BW TUCANA
30-Jul-24 Marcus Hook
Euro Trader
CONSTITUTION
26-Jul-24 USGC
Euro Trader
BOTAN
25-Jul-24 USGC
Euro Major
WEISSHORN EXPLORER
20-Jul-24 USGC
Euro Trader
BW ARIES
19-Jul-24 USGCUS Chemicals
BREEZE
18-Jul-24 USGC
Turkish trader
GAS WISDOM
17-Jul-24 US Ferndale
British Major
CAPTAIN MARKOS
16-Jul-24 USGCUS Supplier
PARTHIA
14-Jul-24 USGC
ChineseBW BRAGE
12-Jul-24 USGC
Euro Trader
G. ARETE
03-Jul-24 STS Balboa
US Major
BW LEO
01-Jul-24 Marcus Hook
AG Trader
BW TOKYO
30-Jun-24 Ridley island
Japanese
BW MINDORO
29-Jun-24 USGC
ChinesePERTAMINA GAS 1
13-Jun-24 Marcus Hook
Euro Trader
CRYSTAL RIVER
08-Jun-24 USGC
Euro Trader
SOBAEK EXPLORER
08-Jun-24 USGCUS Chemicals
AVANCE LEVANT
05-Jun-24 USGCUS Chemicals
MISTRAL

Qty C3
44 NA
44 44
44 NA
44 NA
44 NA
44 NA
44 NA
44 NA
44 NA
44 22
44 NA
44 NA
44 NA
44 NA
44 NA
44 22
44 NA
44 22
44 NA
44 NA
44 NA
44 NA
44 44
44 44
44 NA
44 NA
44 NA
44 NA
44 22

C4
NA
0
NA
NA
NA
NA
NA
NA
NA
22
NA
NA
NA
NA
NA
22
NA
22
NA
NA
NA
NA
0
0
NA
NA
NA
NA
22

LPG Cargo from West of Suez to Far East -- From African Countries
Loading
Place
PlayerVsl name
04-Aug-24 Soyo
Euro oil
SHERGAR
20-Jul-24 Angola
US Major
MADO

Qty C3
44 NA
44 NA

C4
NA
NA

LPG Cargo from Australia to Far East
Loading
Place
Player31-Jul-24 Darwin
Euro Major
22-Jul-24 Darwin
Japanese
05-Jul-24 Darwin
Euro Major
10-Jun-24 Darwin
Japanese
05-Jun-24 Prelude
Japanese

Qty C3
44 NA
44 NA
44 NA
44 22
44 22

C4
NA
NA
NA
22
22

Vsl name
RED RUM
PINAR GASPHOENIX GAIABU SIDRATENACITY IV

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎CFR Asia Refrigerated Market◯SummaryIn the CFR Far East market on Thursday, prices
extended losses along with weak crude oil prices
on Wednesday and increasing supply for
October delivery.

○CFR Japan
Propane and butane prices for second-half

Propane and butane prices for first-half October

September delivery slid $1/mt from the day

delivery dropped $4/mt from the previous day toearlier to $658-659/mt and $648-649/mt$653-655/mt and $643-645/mt respectively.

respectively. Relative to the September CP,

Relative to the October CP, propane and butane

propane and butane prices were down $1/mt to a

prices were flat at a premium of $48-50/mt.

premium of $53-54/mt.
For first-half October delivery, supply of US
For second-half September delivery, discussion

cargoes was expected to increase. Althoughlevels were seen to be at a premium of $5-6/mt todemand from traders covering short positions

September CFR Far East quotations (equivalent towas expected to increase going forward as well,$658-659/mt or a premium of $53-54/mt to thebuying interest from Far East importers was not

September CP). Traders with demand to coverstrong. A Japanese importer seemed to have notheir short positions were no longer seen androom for spot purchase. Supply/demand wasdemand seemed to have been mostly covered. On

seen to slacken and there were views thatthe other hand, some Japanese players apparently

discussion levels for 23,000mt propane cargoes

contemplated buying 23,000mt propane cargoes

were at a premium of $3-5/mt to October CFR Far

for second-half September delivery. As there was

East quotations (equivalent to $653-655/mt or a

not much price difference with the market forpremium of $48-50/mt to the September CP).

forward delivery, sources reckoned that thesebuyers might be interested to procure cargoes for

An US supplier seemed to have sold a 23,000mt

second-half September delivery. As for supply, a

propane cargo for first-half October delivery on

Middle East trader was seen to have a 23,000mt

Wednesday at a premium of $6/mt to Octoberpropane cargo but apart from this, active sellers

CFR Far East quotations.

were not observed.
Propane and butane prices for second-half
For butane, a seller emerged. Vitol offered a

October delivery moved down $4/mt from the

23,000mt butane cargo for Sep 23 to first-halfday before to $653-655/mt and $643-645/mt

October delivery to Chiba at a discount of $7/mt

respectively. Relative to the October CP, propane

to September CFR Far East quotations for propane

and butane prices were unchanged at a premium(equivalent to $646/mt).

of $48-50/mt.
For second-half October delivery, several sellers
were observed. E1 offered a 23,000mt propane
Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

cargo at a premium of $5/mt to October CFR Far

September CFR Far East quotations. This was seen

East quotations (equivalent to $655/mt or ato be equivalent to a premium of $7-8/mt topremium of $50/mt to the October CP), or at a

October CFR Far East quotations.

premium of $2.5/mt to September CFR Far Eastquotations (equivalent to $655.5/mt or a premium

Hanwha TotalEnergies in South Korea closed itsof $50.5/mt to the October CP). Repsol offered abuy tender on Thursday at 13:00 local time withsimilar cargo at a premium of $7/mt to Octobervalidity until 17:00 on the same day for a 23,000mt

CFR Far East quotations (equivalent to $657/mt

propane cargo for Oct 21-31 delivery to Daesan.

or a premium of $52/mt to the October CP).

Results were as yet unknown.

On the other hand, Abalone Commodities bid

For CFR Far East propane swaps on Thursday,

for a 23,000mt propane cargo at a premium of

the August and September contracts went down

$3/mt to October CFR Far East quotations$1/mt from a day earlier to $657-659/mt and(equivalent to $653/mt or a premium of $48/mt$652-654/mt respectively. The October and theto the October CP). Hengli Petrochemical showed

November contracts were down $2/mt and $1/mt

buying interest for a similar cargo at a premium

to $649-651/mt and $648-650/mt respectively.

of $2.5/mt to October CFR Far East quotations(equivalent to $652.5/mt or a premium of$47.5/mt to the October CP).

Open-spec naphtha prices for first-half Octoberdelivery on Thursday were at $668.75-669.25/mt,
down $13.25/mt from a day before.

A Chinese trader bought a 23,000mt propane
cargo for second-half October delivery. The price
was apparently at a premium of $2/mt to○CFR China
Propane and butane prices for second-halfSeptember delivery to South China slipped $1/mt

Sources said that the company was interested tobuy second-half October delivery.

from the previous day to $667-668/mt and $657658/mt respectively. Relative to the September CP,

Propane and butane prices for second-halfprices lost $1/mt to a premium of $62-63/mt for

September delivery to East China softened $1/mt

both propane and butane.

from the day before to $667-668/mt and $657658/mt respectively. Relative to the September CP,

Propane and butane prices for first-half Octoberdelivery to South China fell $4/mt to $662-664/mt

prices dipped $1/mt to a premium of $62-63/mt
for both propane and butane.

and $652-654/mt respectively. Relative to the
October CP, prices were unchanged at a premiumof $57-59/mt for both propane and butane.

Propane and butane prices for first-half Octoberdelivery to East China dropped $4/mt to $662664/mt and $652-654/mt respectively. Relative to

In South China, a propane dehydrogenation(PDH) plant operator considered spot purchase.

the October CP, prices were stable at a premiumof $57-59/mt for both propane and butane.

However, the company planned to receive a term
cargo and showed no rush to participate in talks.
Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

PDH plants in China were reportedly operating

On term discussions, Oriental Energy in Eastat about 70% of capacity. Although some plants

China closed its buy tender on Monday at 18:00

were shut down due to poor profitability, others

Singapore with validity until 18:00 on Friday.

resumed operations. Therefore, the overall

Around 10 players were believed to haveoperating rate showed no significant changes thisparticipated in the tender. Through the tender,

month.

Oriental Energy was looking for one 46,000mt
propane cargo per month for July to September

For delivery to China as well, a seller with a2025 delivery to Chiba, one 46,000mt propane

pure butane cargo was observed. Whilecargo per month for January to December 2025

availability for pure butane for prompt delivery indelivery to Ningbo and one 46,000mt propane or

September was seen, no buyers were interested to

75:25 cargo per month for January to December

engage in talks.

2025 delivery to Maoming.

○Rim Asia Index
The Rim Asia Index for propane and butane on
Thursday was at $660.75/mt and $650.75/mt
respectively, down $2.50/mt from the day earlier.

*The Rim Asia Index is a reflection of the CFR Far East
spot market and is calculated based on the average ofJapan Index and China Index. The front line for both CFR
Japan and CFR China changes every 1st and 16th of themonth.

○CFR India
Firm discussions not heard
CFR India prices for propane/butane even-split
cargoes of 44,000-46,000mt for September delivery

Relative to the October CP, the premium posted
no change at $50-60/mt.

stayed steady from the day before at $650-660/mt
on Thursday. The September CP had been set as

On a CFR India basis, activity was subdued.

previously expected in the market. Relative to theBoth buyers and sellers stayed on the sidelines

September CP, the premium was stable at $50-

and firm discussions were not heard.

60/mt. Prices for first-half October delivery
softened $4/mt to $650-660/mt in view of adownward revision of the October CP forecast.

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎VLGC Freight Market (Single-Port Loading/Discharging)
Chartering demand for Middle East loading recedes
Freight rates for Middle East-Far East dropped

Houston-Flushing basis. Further, one European$1/mt from the day before to $63-65/mt on

trader was reported to have chartered “BW Freyja”

Thursday along with a decrease in chartering

for Sep 7-8 loading at $110/mt on a Houston-Chiba

demand. New chartering demand was not

via Panama basis.

observed, and discussions were muted. Rates for
Yanbu-Mediterranean were dragged down $1/mt

Term/spot-combined freight for Middle East-

to $60-62/mt by declining rates for Middle-Far East.

Japan(*)was assessed at $70.4/mt on Thursday,
down $0.6/mt from a day earlier along withAn Indian importer chartered “BW Loyalty” fordeclining spot freight costs and bunker costs.

loading from Mina Al Ahmadi on Sep 15-16 via atender that had been closed on Wednesday at a

*Term/Spot Combined Freight is assessed based on a

total of $2.55 mil on a two-port discharge basis.

weighted average of the overall term charter costs and thespot charter costs.

Freight rates for USGC-Far East via Panama held
steady from a day earlier at $117-119/mt and thosefor USGC-Northwest Europe (NWE) stayed intact
at $66-68/mt. Talks were held at around $118/mt
for USGC-Far East via Panama and at around$67/mt for USGC-NWE.
For loading from the USGC, a gas producer in the
North Sea reserved “Gas Stella” for USGC loadingon Sep 30-Oct 1 from a major shipowner. The
fixture price was said to have been at $118/mt on a
Houston-Chiba via Panama basis or at $68/mt on a

◎Pressurized Cargoes◯FOB South China prices
Buyers take wait-and-see stances
FOB South China prices for cargoes of

For South China loading, buyers apparently

propane/butane ratio of 50:50 for September

adopted a wait-and-see stance. Buyers including aloading showed no change from the previous day

major Vietnamese supplier were expected toat $660-665/mt on Thursday as the September CP

engage in talks after the start of September.

had been set at the same levels as market forecasts.

Previously, buying ideas had been heard at a

Relative to the September CP, the premium waspremium in the $50’s/mt to the September CP. As

steady at $60-65/mt.

for supply, sources reckoned that some South
China importers could sell spot cargoes for

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

September loading at a premium in the $60’s/mt
to the September CP.

◯FOB Southeast Asia Prices
Active sellers not emerge
FOB Southeast Asia prices for cargoes ofsmoothly. One refinery in Singapore had no room

propane/butane ratio of 30:70 for September

for spot sale. All the LPG produced at the refinery

loading held steady from the day before at $662-

was apparently supplied to the domestic market.

667/mt on Thursday owing to the September CP
having been set at the same levels as market

For delivery to Southeast Asia, spot availability

expectations. Relative to the September CP, thewas observed for September delivery to thepremium leveled off at $64-69/mt.

Philippines. One importer in the Philippines
received selling interest but did not engage in

For Southeast Asia loading, players holding spot

discussions as it had no spot demand.

cargoes for September loading were currently notseen. Malaysian petrochemical maker Pengerang

In the Philippines, domestic demand was said toRefining and Petrochemical (PRefChem) was seen

be firm. On the other hand, supply/demand of

to have room to sell September loading and did

importers in the Philippines seemed to be

not carry out a sell tender at present. Somebalanced and they were not actively looking forsources reckoned that the company might havespot cargoes for September.

only one LPG cargo for September loading forsale since its petrochemical plant was operating◯CFR Vietnam Prices
Discussions not moving
CFR Vietnam prices for cargoes of
propane/butane ratio 30:70 for September
delivery stayed intact from the day earlier at $713718/mt on Thursday in the wake of theSeptember CP that had been set at the same levels
as market expectations. Relative to the September
CP, the premium posted no change at $115120/mt.
For delivery to Vietnam, activity was muted.
Neither buyers nor sellers were seen and talks
were slow to progress.

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎Pressurized Freight
Discussion levels steady
Freight rates remained stable from the previous
day at $64-66/mt for South China-Bataan and $4446/mt for South China-Haiphong on Thursday.
Fresh talks were not reported and the market
showed no change.

◎China Domestic Wholesale Market◯South China

Summary

Prices in most areas climbed with bullish views that September CP might be above the August
CP or robust sales on Thursday.

East Guangdong：

5,100

5,130

+50

PPriceee

Discount

AActuallup/down

Remarks

Supplier

5,130

+50

with bullish views that September CP might be above
the August CP

Supplier

5,130

+50

with bullish views that September CP might be above
the August CP

Pressurized importer

5,130

+50

with bullish views that September CP might be above
the August CP

Pressurized importer

5,130

+50

with bullish views that September CP might be above
the August CP

Pressurized importer

5,100

+50

with bullish views that September CP might be above
the August CP

Pressurized importer

5,130

+50

with bullish views that September CP might be above
the August CP

up/down

Remarks

Shenzhen：

5,130

5,230

+35

PPriceee

Discount

AActuall

Supplier

5,270

+80

with bullish views that September CP might be above
the August CP, receives a refrigerated cargo in thesecond half of the month

Wholesaler

5,130

+30

robust sales

Guangzhou：

5,128

5,228

+50

PPriceee

Discount

AActuallup/down

5,128

+50

robust sales,loading costs of Yuan 48/mt+40

with bullish views that September CP might be above
the August CP, receives a refrigerated cargo in thesecond half of the month

Guangzhou refinery

5,080

Supplier

5,270

Remarks

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

Pressurized importer

5,180

+50

with bullish views that September CP might be above
the August CP

Wholesaler

5,180

+50

with bullish views that September CP might be above
the August CP

Remarks

5,080

5,180

+30

PPriceee

Discount

AActuallup/down

Supplier

6,100

300

5,800

+50

firmness in the neighboring markets

Supplier

5,230

+50

firmness in the neighboring markets, receives a
refrigerated cargo in the second half of the month

Wholesaler

5,080

+30

firmness in the neighboring markets

Western Guangdong：

5,130

5,150

+50

PPriceee

Discount

AActuallup/down

5,150

+50

a markup by Guangzhou refinery, loading costs ofYuan 50/mt+50

firmness in the neighboring markets

Zhuhai：

Maoming refinery

5,100

Pressurized importer

5,150

Guangxi：

5,300

5,350

+50

PPriceee

Discount

AActuallRemarks

up/down

Remarks

Qinzhou refinery

5,100

+50

firmness in the neighboring markets, limited quantity

Supplier

5,300

+50

firmness in the neighboring markets

Supplier

5,350

+50

firmness in the neighboring markets

Hainan：

6,080

6,100

0

PPriceee

Discount

AActuallWholesaler

6,100

up/down

Remarks

0◯East China

Summary

Prices in Shanghai settled down due to keen sales to lower stocks on Thursday.

Jiangsu：

4,850

4,950

0

PPriceee

Discount

AActuallup/down

Yangzi refinery

5,020

0

Jinling refinery

4,850

0
stops spot sales due to maintenance,receives a
refrigerated cargo in the second half of the month

Supplier

Shanghai：

Jinshan refinery

Remarks

4,750

4,800

-50

PPriceee

Discount

AActuall

4,750

up/down-50

Remarks

keen on sales to lower stocks

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

Gaoqiao refinery

4,800

-50

Zhejiang：

4,830

4,930

0

PPriceee

Discount

AActuallkeen on sales to lower stocks

up/down

Remarks

weakness in the Shanghai market, with some discounts

Zhenhai refinery

5,510

-50

Supplier

5,150

0Supplier

5,050

0Pressurized importer

4,830

0

Fujian：

4,980

5,080

0

PPriceee

Discount

AActuallup/down

Remarks

Fujian refinery

stopped spot sales

Quanzhou refinery

stopped spot sales

Supplier

5,200

Petchem user

5,100

+30
120

4,980

firmness in the East Guangdong market in South China0

Pressurized importer

stopped spot sales due to low stocks◯North China

Summary

Prices held steady on Thursday.

North-East：

5,250

5,350

0

PPriceee

Discount

AActuallup/down

Remarks

Dagangstopped spot sales

Huabei oilfield

stopped spot sales

Tianjing

stopped spot sales due to petrochemical use in its plant

Yanshan5,4500Cangzhou

5,250

0South-East：

5,150

5,250

0

PPriceee

Discount

AActuallup/down

Shijiazhuang

5,150

0

Luoyang

5,250

0Zhongyuan oilfield

Shandong：

Remarks

stopped spot sales

5,180

5,280

0

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

PPriceee

Discount

AActuallup/down

Jinan

5,250

0

Qingdao

5,400

0Shenghua

5,1800Remarks◯Northeast China

Summary

Prices in Dalian on Thursday were pulled up by robust sales.

Dalian：

4,530

4,550

+40

PPriceee

Discount

AActuallup/down

Remarks

WEPEC

4,550

+40

robust sales

Dalian Petrochemical

4,550

+40

robust sales

West Liaoning：

4,580

4,600

0

PPriceee

Discount

AActuallup/down

Jinzhou Petrochemical

stopped spot sales

Jinxi Petrochemical

4,600

Hei Longjiang：

4,920

4,940

0

PPriceee

Discount

AActuall0

up/down

Daqing Petrochemical
Daqing refinery

Remarks

Remarks

stopped spot sales due to petrochemical use in its plant
4,940

0

◎Japan Domestic Market◯BargeMarine operations disrupted by powerful typhoon
For September lifting, barge prices in Keihintankers were forced to shelter from the typhoon

levelled off from the day earlier at Yen 94,500-

and halt operations. The impacts of the typhoon

95,500/mt for propane and Yen 95,500-96,500/mt

would probably extend to eastern areas goingfor butane on Thursday. Prices in Hanshin stayed

forward.

steady at Yen 95,000-96,000/mt for propane andYen 96,000-97,000/mt for butane.

Therefore, a wait-and-see mood was strong in the
spot market. Further, not a few players stayed on

Very powerful Typhoon Shanshan affected

the sidelines, as the September CP had not yet beenmarine operations in wider areas. Marineannounced. Players that were active in spot selling

operations were already disrupted from thewere limited, so a source said, “Available barge

Kyusyu area to the Shikoku area, so domesticcargoes were limited.” In the meantime, a

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

wholesaler showed its view that barge prices

summer season.

would not rise since demand was thin in the

Expected CIF Japan Values (Yen/mt)

Sep

PROPANE
BUTANE

Aug
90,00094,90095,50097,100Jul*
98,318106,266

Jun*
94,498
101,528

The figures above are Rim's expected CIF values for each grade, NOT including the power fuel-use LPG.
*The figures are preliminary CIF values, announced by the Japanese Ministry of Finance.

ESTIMATED END-MONTH STOCKSPROPANE/BUTANE (KT)YEAR-ON-YEAR CHANGES

Sep

Aug
1,850
-1.1%

Jul
1,850
-3.5%

Jun*
1,700
-3.7%

1,479
-7.2%

*The figures are actual inventories, announced by the Japanese LP Gas Association.

◯TruckTerminal in Kita Kyusyu stops shipment due to typhoon
KeihinOn the other hand, inquiries from end-users were

Propane and butane prices for September lifting

limited and buying interest was thin. After the startheld steady from the previous day at Yen 94,500-

of September, temperatures were forecast to be

95,500/mt and Yen 95,500-96,500/mt respectively

high and there were also three-day holidays. As aon Thursday. Some dealers were moving to sell.

result, some sources felt that sales would fall. In

Offers for propane were reported in the high Yenview of weak demand, more sellers were expected

94,000’s/mt but the quantity was apparently

to lower their offers. One dealer considered buying

restricted. On the other hand, importers were notabout 100mt but refrained from discussions at the

keen on spot supply and sellers generally adopted

moment.

a wait-and-see stance.
HanshinAs many players suffered sluggish sales in

Propane and butane prices for September lifting

August, some sources pointed out that many sellers

were stable at Yen 95,000-96,000/mt and Yen

might actively move on spot sale after the start of

96,000-97,000/mt respectively. In Hanshin, dealers

September.

were moving to sell. Offers were maintained at Yen
96,000/mt for propane and Yen 97,000/mt for

Chukyobutane. On the other hand, no buyers were

Propane prices for September lifting fell Yen

interested to purchase at these levels.

500/mt from a day earlier to Yen 94,000-95,000/mt
owing to slack supply/demand. Butane prices

In Hanshin as well, some players were expected

were unchanged at Yen 95,500-96,500/mt. In

to actively move on spot sale in the first week of

Kasumi and Hekinan, sellers were seen. Offers

September. As sales in August did not increase,were heard at Yen 95,000/mt for propane and Yensales competition would likely intensify.

96,500/mt for butane.

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

Other regions

Astomos Energy was also said to have stopped

With Typhoon Shanshan approaching, somedelivery from 10:00 on Thursday.

terminals in Kita Kyushu halted delivery. ENEOS
Globe’s Karatsu terminal suspended shipments

At the Sakaide terminal, delivery was beingfrom Thursday due to strong winds. For Friday, thecarried as usual at present but might be halted oncompany would decide whether to carry out

Friday and Saturday.

delivery later. The Kyushu LPG Fukushimaterminal jointly operated by ENEOS Globe andEstimation of term prices (Yen/mt)
SepAug
Propane
PButane82,40085,400Jul
Propane88,700

PButane89,800

Propane86,900

PButane89,200Note; Propane prices were based on an average price of the previous and current month's CP combined withMont Belvieu quotations for the previous month

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎Tender
R ef ri g era ted LPG Spot Tenders
Co mpan y

B/ S

C3

C4

Basis

Timin gc lo sevalid

Hanw ha TotalEnergies

buy

23

0

CFR

Oct 21-31

8/29

8/29

PGPICC

sell

33

11

CFR

Sep 13-17

8/26

PGPICC

sell

22

22

CFR

Sep 21-25

8/26

PGPICCsell

CFR

1H Sep

FPCC

buy

23-46

0

CFR

Sep 21-30

8/22

8/22

cancelled

Huayi petrochem ical

buy

23

0

DES

Sep 5-Oct 31

8/21

8/21

cancelled

Huayi petrochem ical

buy

46

0

DES

Oct 10-31

8/21

8/21

cancelled

Pertam ina

buy

22-22.5

22-22.5

CFR

Oct 1-5

8/21

8/23

Pertam ina

buy

22-22.5

22-22.5

CFR

Sep 15-19

8/21

8/23

Sinopecbuy

0+22 or 11+11 or 11+33 or 0+44

CFR

~ Sep 30

8/20

8/20

cancelled

FPCC

buy

11-33

11-22

CFR

Sep 1-30

8/16

8/16

cancelled

Pertam ina

buy

22+22 or 11+33 or 11+11

CFR

Sep 8-12

8/16

IOC

buy

(22+22)×2

FOB

Sep 1-15

8/14

FPCC

buy

DES

Sep 1-15

8/13

8/13

HPCL

buy

CFR or FOB

Sep / Oct / Nov

8/12

8/13

Huayi petrochem ical

buy

23

0

DES

Sep 5-28 / Sep 13-28

8/8

8/8

Sep CP + low $40s

awardedHanw ha TotalEnergies

buy

0

23

CFR

Sep 11-17

8/7

8/7

Sep Naphtha quotes - $20'sawardedPGPICC

sell

33

11

CFR

Aug 27-31

8/7

CP + $30s

awarded

CPC

buy

11

11

DES

Sep 21-30

8/6

8/8

Sep CP + $60s

awarded

Pertam ina

buy

22-22.5

22-22.5

CFR

Sep 19-23

8/5

8/7

Sep CP + $40

awardedNingbo Huatai

buy

46

0

DES

Sep 6-15

8/1

8/2

Sep CFR Far East quotes+high single digitsawardedOsaka Gas

buy

23

0

CFR

Sep 7-30

8/1

8/2

Sep CFR Far East quotes + $7

Fujian Gulei Petrochem ical

buy

0

11-22

CFR

Aug 26-31

7/30

7/30

(33+1)×3

2222(22.5+22.5)×4

P r ic e $ / mt

R e su lt

Sep CP+40

awardedSep CP + m id $40s

awardedcancelled
cancelled
cancelled
cancelledawardedcancelled

Sep CFR Far East quotes+low $10s
Aug CFR Far East quotes+sm all prem ium

awarded

INPEX

sell

23

23

CFR

Sep 8-22

7/30

7/30

Hanw ha TotalEnergies

buy

23

0

CFR

Sep 21-30

7/30

7/30

Sinopecbuy

11-23 or 33 or 45

0

CFR

Aug 15-31/Sep 1-15/Sep 10-15

7/30

7/30

cancelledawarded

Pertam ina

buy

22.5

22.5

CFR

Sep 19-23

7/29

7/30

cancelled

Oriental Energy

buy

46

0

CFR

Sep 1-15

7/29

7/29

cancelled

Sinebennnybuy

11.5-23

11.5-23

CFR

Aug 21 - Sep 25

7/29

7/30

cancelled

C3

C4

R ef ri g era ted LPG Term Tenders
Co mpan y

B/ S

Basis

Timin gc lo sevalid

Oriental Energy

buy(46+0) x3

CFR

Jul-Sep 2025

8/26

8/30

Oriental Energy

buy(46+0) x12(46+0) or (34.5+11.5) x12

CFR

Jan-Dec 2025

8/26

8/30

Chennai Gas

buy(22+22 or 33+11 or 44+0) x12

CFR

Jan-Dec 2025

Chinagasbuy(23+23)x6,(33.5+11.5)x6

CIF

Jan-Dec 2025

8/14

8/16

IOC

buy

(8+12) and (12+8) / m onth

CFR

Jan-Dec 2025

8/12

HPCL

buy

(22.5+22.5)x72-96

FOB

Jan-Dec 2025

8/6

Pertam ina

buy(22.5+22.5)x12

FOB

Jan-Dec 2025

7/29

P r ic e $ / mt

R e su lt

awardedcancelledawarded

8/5◎Market News
◯Saudi Aramco sets Sep loading LPG contract prices
Saudi Aramco set contract prices (CP) for liquefied petroleum gas (LPG) loading in September 2024 at$605/mt for propane and $595/mt for butane on Thursday, up $15/mt for propane and $25/mt for butane
from the previous month.
LPG Benchmarks
Aramco CP

Sonatrach PP

North Sea

PropaneButanePropaneButanePropaneButaneSep 24605.00595.00Aug 24590.00570.00555.00500.00548.00504.00Jul 24580.00565.00550.00500.00535.00473.00Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

Jun 24580.00565.00495.00425.00487.00421.00

May 24580.00585.00500.00490.00479.00449.00

Apr 24615.00620.00535.00570.00498.00498.50Mar 24630.00640.00540.00580.00506.50574.50Feb 24630.00640.00520.00540.00494.50557.50Jan 24620.00630.00510.00540.00487.00502.50Dec 23610.00620.00520.00540.00468.50508.50

Nov 23610.00620.00560.00535.00536.50484.50

Oct 23600.00615.00560.00570.00529.50522.25

Sep 23Unit:$/mt

550.00560.00530.00550.00502.00534.50◯Japan Jul LPG CIF propane prices up on month: MOF
Import prices for liquefied petroleum gas (LPG) on a CIF Japan basis in July at Yen 98,318 per metric ton(mt) for propane, up Yen 3,820/mt from the previous month. Import price for butane was settled at Yen
106,266/mt, up Yen 4,738/mt, according to statistics released by the Ministry of Finance. The averageexchange rate applied for July imports was 159.70 Yen to the US dollar, down Yen 3.08 points from theaverage for June. LPG imports for the month of July reached 756,835 mt, increased by 13.7% from theprevious month while decreased by 12.1% from the same month of the previous year.

98,318106,266

99,026756,835

159.7094,498

101,528

95,606665,637

156.62

97,24099,43097,507

811,754155.47

94,460105,402

95,908932,793151.5592,645

106,812

94,226

847,661149.4492,804

105,842

94,372847,292

148.1485,297

98,61987,125

1,191,883

144.0392,52898,23893,296

1,052,405

147.1093,877

97,497

94,286844,333

150.3393,043

100,497

93,670582,284

148.87

86,665

101,234

88,908602,896

146.4874,64083,52375,272753,696142.36

71,33575,107

72,163

861,185142.35

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◯Thailand July LPG imports up 21.7% on year
Imports of liquefied petroleum gas (LPG) by Thailand for the month of July reached 188,865 metric tons(mt), up 21.7% from the same month last year and up 25.3% from the previous month of June, according to
the latest import data released by Thai Customs. For the Jan - Jul 2024 period, imports were around952,892mt, down 14.7% from the corresponding period in 2023.
THAILAND LPG Monthly Imports
PropaneButaneJul-24140,305
48,560Jun-24
127,419
23,315May-24
147,285
58,528Apr-24
59,46636,405Mar-24
120,564
45,010Feb-24
69,39725,547Jan-2436,971
14,120Dec-2346,55025,420Nov-2383,507
37,830
Oct-2333,50911,642
Sep-23140,151
24,323Aug-23110,047
25,889Jul-23
117,467
37,771

Total
188,865
150,734
205,81395,871
165,574
94,94451,091
71,970121,337
45,151
164,474
135,936
155,238

Source: Thai Customs
Unit: metric ton (mt)

◯Idemitsu shuts down Tokuyama plant in early Aug
Idemitsu Kosan shut down its Tokuyama plant for maintenance activities of the whole units in earlyAugust and is schedule to finish them in early December. A market source said that some parts of the623,000mt/year ethylene production units would be shut down in early September. The remaining parts
had been already shot down for troubles that occurred on Jul 15 and remained closed till now.
◯Asian refinery CDU operating conditions< Taiwan >Combined crude throughput at oil refineries in Taiwan was at 760,000 barrels per day (b/d) as of Aug 29,
down 1.9% from a week before, according to a survey conducted by Rim Intelligence. Formosa
Petrochemicals Co (FPCC) lowered the operation rates of its 540,000b/d to 430,000b/d and the company istargeting its monthly average crude throughput in September at 345,000b/d. The company is scheduled to
shut down some units including one of the 180,000b/d crude distillation units and the 80,500b/d residue
fluid catalytic cracker at the refinery for regular maintenance activities from Sep 18 until the end of Octoberor early November. CPC lowered its crude throughput to 330,000b/d. The company was initially scheduled
to resume the operations of the 80,000b/d residue fluid catalytic cracker (RFCC) at its 350,000b/d Talianrefinery that had been shut down for a trouble in late July st the end of August, but postponed the date toSep 5. The current figure equates to a utilization rate of 71.1% of its total refining capacity of 1.09 mil b/d.

Rim reports are copyrighted publications.

RIM INTELLIGENCE

LPG

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎Report on adherence to PRA principles
Rim Intelligence uploaded the report of the governance, processes and controls relating to the adherence tothe PRA principles outlined by International Organization of Securities Commissions (IOSCO) based onreasonable assurance on Dec 20, 2023. All of the daily reports of Rim Intelligence are subject to the principles.
Please visit the following website for perusal.
<Reports> Bunker Oil, Crude/Condensate, Asia Products (Products), LPG, Lorry Rack, Japan Products,
Petrochemicals, LNG, Powerhttps://www.rim-intelligence.co.jp/contents/info/pramenuEng4/◎1st LPG International Forum 2024 Thailand Bangkok
First International LPG Forum will be held from September 12 to 13 2024. Join us in Bangkok and embark on
your investment and trade tour in Southeast Asia.
http://www.oilgas.cc/col.jsp?id=167◇
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