LPG：成本支撑走弱

Report Summary 1. Report Information - Report Date: June 11, 2025 [1] - Report Subject: LPG (Liquefied Petroleum Gas) research 2. Industry Investment Rating - No industry investment rating information is provided in the report. 3. Core Views - The cost support for LPG is weakening [1] - The LPG trend intensity is 0, indicating a neutral outlook [8] 4. Summary by Relevant Catalogs 4.1 Fundamental Tracking - Futures Data: - PG2507 had a yesterday's closing price of 4,119 with a daily increase of 0.07%, and a night - session closing price of 4,119 with a night - session increase of 0.00%. Its yesterday's trading volume was 75,298 (a change of 21,902 from the previous day), and the position was 52,344 (a decrease of 2,665 from the previous day) [3] - PG2508 had a yesterday's closing price of 4,003 with a daily increase of 0.13%, and a night - session closing price of 4,011 with a night - session increase of 0.20%. Its yesterday's trading volume was 16,805 (a change of 5,882 from the previous day), and the position was 44,584 (an increase of 3,054 from the previous day) [3] - Spread Data: - The spread between Guangzhou domestic gas and the 07 contract was 461 yesterday (compared to 464 the day before) [3] - The spread between Guangzhou imported gas and the 07 contract was 561 yesterday (compared to 564 the day before) [3] - Industrial Chain Price Data: - The PDH (Propane Dehydrogenation) operating rate this week was 63.0%, slightly down from 63.3% last week [3] - The MTBE (Methyl Tert - Butyl Ether) operating rate this week was 54.7%, up from 54.2% last week [3] - The alkylation operating rate remained unchanged at 48.3% this week compared to last week [3] 4.2 Market Information - Saudi CP Expectations: On June 9, 2025, the expected price of propane in the July Saudi CP was 578 dollars/ton, down 3 dollars/ton from the previous trading day; the expected price of butane was 548 dollars/ton, also down 3 dollars/ton. The expected price of propane in the August Saudi CP was 561 dollars/ton, up 1 dollar/ton from the previous trading day; the expected price of butane was 531 dollars/ton, up 1 dollar/ton [11] - Domestic PDH Device Maintenance Plans: Multiple companies including Puyang Far East Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., and others have PDH device maintenance plans with different start and end times [9]