Summary
Major propane benchmarks witnessed substantial weakness into April 2025 – with the weakness concentrated in the Far East propane Index (C3 FEI). The May’25 C3 FEI contract fell from a high of $605/mt on 2 Apr to $416/mt at the time of writing on 9 Apr. C3 FEI weakness intensified at the end of last week, with China announcing a retaliatory 34% tariff on all US imports. The US accounted for over 60% of China’s LPG and ethane exports in 2024, while China accounted for 33% of US LPG and ethane exports – highlighting the potential shock to this industry in the face of a burgeoning trade war.
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