现货价格大体持稳，盘面窄幅波动

Group 1: Report Industry Investment Rating - The unilateral strategy is oscillating weakly, while there are no strategies for inter - period, cross - variety, spot - futures, and options [2] Group 2: Core Viewpoints - With the easing of the Middle East situation, the geopolitical premium has significantly declined, and the LPG futures market has returned to a narrow - range oscillation state with insufficient market drivers. The swap prices of propane and butane in the overseas market and domestic LPG spot prices have remained generally stable with small fluctuations [1] - The overall supply - demand pattern of LPG remains relatively loose. After the risk of supply disruption in the Middle East subsided, overseas supply is abundant, especially US LPG exports are still at a high level. The supply growth space has further expanded after the commissioning of export terminal expansion projects. The domestic refinery output has gradually recovered as maintenance ended, and the recent arrival volume has increased again, with high inventory at East China ports [1] - In terms of demand, the combustion demand is weak. Although the overall operating load of PDH plants has rebounded to over 70%, the profit is still under pressure, which restricts the further increase of the operating rate and raw material demand [1] Group 3: Market Analysis Summary - On July 2, 2025, the regional prices were as follows: Shandong market, 4570 - 4700 yuan/ton; Northeast market, 4120 - 4310 yuan/ton; North China market, 4555 - 4650 yuan/ton; East China market, 4480 - 4650 yuan/ton; Yangtze River market, 4620 - 4820 yuan/ton; Northwest market, 4250 - 4350 yuan/ton; South China market, 4650 - 4720 yuan/ton [1] - In the second half of July 2025, the CIF prices of frozen propane and butane in East China were 585 dollars/ton and 540 dollars/ton respectively, remaining stable, equivalent to 4607 yuan/ton for propane and 4253 yuan/ton for butane [1] - In the first half of August 2025, the CIF prices of frozen propane and butane in South China were 590 dollars/ton and 540 dollars/ton respectively, remaining stable, equivalent to 4646 yuan/ton for propane and 4253 yuan/ton for butane [1] Group 4: Chart Information - There are charts showing the spot prices of civil LPG in Shandong, East China, South China, North China, Northeast, and the Yangtze River regions, the spot prices of ether - post - carbon - four in Shandong, East China, North China, Northeast, the Yangtze River, and Northwest regions, as well as the closing prices of PG futures' main contract, index, and near - month contract, the near - month spread, and the trading volume and open interest of the main contract and total contracts [3]