Traders attributed the rises to higher import costs for October delivery imported LPG cargoes, a rally in global crude prices and restocking.
Saudi Aramco has set its October contract price for propane at $360/mt, up $45/mt or 14% from its September CP, and butane at $365/mt, up $20/mt or 6% month on month, Platts reported earlier.
This was expected to push up the import cost of October delivery LPG cargoes to above Yuan 3,200/mt ($503.99/mt) on a CFR China basis after adding freight rates, taxes and fees by around Yuan 300/mt from September, Platts calculations showed.
The rally in global crude prices over the past week further improved market sentiment and encouraged sellers to raise prices for spot cargoes, traders said.
Prices for deliveries to South China in first-half November were assessed at $448/mt for propane and $460/mt for butane Thursday, up around 8-11% from $413/mt for both propane and butane a week earlier on September 30, Platts data showed.
The price for H1 November delivery cargoes equates to Yuan 3,300-3,400/mt on a CFR China basis after adding taxes and fee, higher than October delivery cargoes, according to Platts calculations.
Many buyers in China emerged to replenish LPG stocks Thursday and Friday after the week-long holiday, helped to boost prices, traders said.
In East China, imported LPG cargoes of mixed propane and butane were heard to have traded at Yuan 3,600-3,700/mt in the wholesale market Friday, up Yuan 250/mt or 7% from Yuan 3,350-3,450/mt a week ago, traders said.
Domestically produced LPG was said to have traded at Yuan 3,575-3,675/mt, also up Yuan 250/mt from a week earlier.
IMPORTS DAMPEN RISE IN SOUTH CHINA
In South China, imported LPG cargoes of mixed propane and butane were heard to have traded at Yuan 3,450-3,550/mt in the wholesale market Friday, up Yuan 100/mt or 3% from Yuan 3,350-3,450/mt Thursday and from a week earlier.
Domestically produced LPG was said to have traded at Yuan 3,350-3,450/mt, up Yuan 100-150/mt from Thursday and up Yuan 50/mt from a week ago.
"The LPG price rise in South China lagged the increase in both East China and the Asian market due to ample arrivals of imported cargoes during the National Day holidays," a local trader said.
Seven refrigerated cargoes totaling around 153,000 mt arrived in South China's Guangdong province during October 1-7, higher than the average weekly level, according to shipping data from Beijing-based energy information provider JYD Commodities Hub.
Buying activity was good in both East and South China late week and prices are expected to remain firm or even rise in the near term, traders said.
