液化石油气日报：沙特7月CP价格继续下调-20250701

Group 1: Report Industry Investment Rating - The investment rating for the LPG industry is "shockingly weak" for unilateral trading, and there are no specific ratings for inter - period, cross - variety, spot - futures, and options strategies [2] Group 2: Core View of the Report - With the easing of the Middle East situation, the geopolitical premium has significantly declined, and the LPG market has returned to a shockingly weak state with insufficient market drivers. The reduction of Saudi Aramco's July CP price has a certain negative impact on the domestic market sentiment. The overall supply - demand pattern remains relatively loose, with abundant overseas supply and a gradual recovery of domestic refinery production. The combustion demand is weak, and although the PDH device's operating load has recovered, its profit is under pressure, restricting further increases in operating rate and raw material demand [1] Group 3: Summary by Related Catalog Market Analysis - On June 30, the regional prices in different markets were as follows: Shandong market 4550 - 4700 yuan/ton, Northeast market 4160 - 4310 yuan/ton, North China market 4540 - 4650 yuan/ton, East China market 4480 - 4700 yuan/ton, Yangtze River market 4670 - 4820 yuan/ton, Northwest market 4300 - 4400 yuan/ton, and South China market 4698 - 4750 yuan/ton [1] - In the first half of August 2025, the CIF prices of frozen propane and butane in East China were 580 dollars/ton (down 14 dollars/ton) and 535 dollars/ton (down 5 dollars/ton) respectively, equivalent to 4571 yuan/ton (down 113 yuan/ton) and 4216 yuan/ton (down 42 yuan/ton) in RMB. In South China, the CIF prices of frozen propane and butane were 585 dollars/ton (down 5 dollars/ton) and 535 dollars/ton (down 5 dollars/ton) respectively, equivalent to 4610 yuan/ton (down 42 yuan/ton) and 4216 yuan/ton (down 42 yuan/ton) in RMB [1] - Saudi Aramco's July CP prices for propane and butane were 575 dollars/ton (down 25 dollars/ton from June) and 545 dollars/ton (down 25 dollars/ton from June) respectively [1] Strategy - Unilateral: Shockingly weak; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [2]