氛围延续弱势，下游刚需采购

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the given content. 2) Core View of the Report The market atmosphere continues to be weak, with downstream buyers making purchases based on rigid demand. Spot prices in Shandong, North China, and East China regions remain weak, while other regions are stable. The overall supply is sufficient, with a reduction in arrivals and expected increase in domestic refinery supply after maintenance. Demand is in a downturn, with the combustion demand entering the off - season and chemical demand being weak due to profit issues. After the easing of the trade war, downstream buyers are mostly in a wait - and - see state, and the growth of purchasing power is limited. The strategy for the single - side is to expect a volatile market, and there are no strategies for inter - period, inter - variety, spot - futures, or options [1][2]. 3) Summary by Related Catalogs Market Analysis - Regional Prices on May 15: Shandong market: 4,570 - 4,750 yuan; Northeast market: 4,400 - 4,840 yuan; North China market: 4,700 - 4,855 yuan; East China market: 4,800 - 5,080 yuan; Yangtze River region market: 4,920 - 5,200 yuan; Northwest market: 4,600 - 4,750 yuan; South China market: 4,900 - 5,050 yuan [1]. - China's East and South China Frozen Cargo Arrival Prices in the First Half of June 2025: In East China, propane is 620 dollars/ton (4,911 yuan/ton in RMB), and butane is 570 dollars/ton (4,515 yuan/ton in RMB), both stable. In South China, propane is 616 dollars/ton (4,880 yuan/ton in RMB), and butane is 566 dollars/ton (4,484 yuan/ton in RMB), both stable [1]. - Market Conditions: Spot prices in Shandong, North China, and East China continue to be weak, while other regions are stable. Downstream buyers make purchases based on rigid demand and have a strong wait - and - see sentiment. Supply: Arrivals have decreased, and domestic refinery supply is expected to increase after maintenance. Overall supply is sufficient. Demand: Combustion demand enters the off - season, chemical demand is weak due to profit issues, and downstream buyers are mostly in a wait - and - see state after the trade - war easing, with limited growth in purchasing power [1]. Strategy - Single - side: Volatile [2]. - Inter - period: None [2]. - Inter - variety: None [2]. - Spot - futures: None [2]. - Options: None [2]. Figures The report includes figures showing various prices and trading data, such as the spot prices of civil liquefied gas and ether - post carbon four in different regions, and the closing prices, trading volume, and open interest of PG futures contracts [3].