LPG早报-20250616

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The fundamentals of the LPG market are marginally improving but still under pressure, with significant geopolitical risks, and cautious operation is recommended [1]. 3. Summary by Relevant Catalog Market Price Data - From 2025/06/09 to 2025/06/13, prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, etc. showed various changes. For example, South China LPG increased from 4570 to 4640, with a daily change of +10; propane CFR South China increased from 596 to 615, with a daily change of +20 [1]. - In the civil gas segment, prices in Shandong increased by 30 to 4650, in East China by 111 to 4603, and in South China by 80 to 4710; ether - post - carbon four increased by 120 to 4950; the cheapest deliverable was East China civil gas at 4492 [1]. Profit and Spread - PDH production profit deteriorated, FEI production profit was lower than CP; alkylation oil profitability decreased significantly; MTBE gas - fractionation etherification profit increased, while isomerization etherification profit decreased; FEI - MOPJ and naphtha crack spreads declined [1]. - PG 07 contract basis changed from - 130 to 221; 07 - 09 monthly spread changed from - 6 to 195; PG - CP reached 18 US dollars (+27), FEI - CP reached - 19 (+31) [1]. Fundamentals - Port inventory and factory inventory both decreased. Arrivals and out - shipments declined, with expected subsequent increase in out - shipments and decrease in arrivals [1]. - Chemical demand improved overall. PDH operating rate increased to 64.3%, alkylation operating rate increased to 48.18%, and MTBE production also increased significantly [1]. Other Information - As temperatures rise, combustion demand is expected to decline [1]. - The number of registered warehouse receipts was 9005 lots (-335) [1].