市场氛围一般，缺乏利好

Group 1: Report Industry Investment Rating - The investment rating for the LPG market is to maintain a weak and volatile trend [2] Group 2: Core Viewpoints of the Report - Although the crude oil price showed a strong trend this week, it had limited impact on the LPG market. The external market only rose slightly, while the PG futures market maintained a weak and volatile trend, lacking market drivers [1] - In the spot market, prices in the Northeast region increased to catch up, while prices in other regions remained stable. Downstream buyers purchased based on rigid demand, and the market atmosphere was average, lacking positive stimuli [1] - In terms of supply, overseas supply remained abundant due to OPEC's production increase and high exports from the United States. Domestically, the commercial supply of LPG increased, resulting in sufficient overall supply [1] - In terms of demand, the civil use of LPG was in the off - season, with continuously low demand. In the deep - processing sector, the operating rate of PDH decreased, and there was no driving force for demand improvement [1] Group 3: Summary by Related Catalogs Market Analysis - On July 9th, the regional prices were as follows: Shandong market, 4550 - 4650 yuan/ton; Northeast market, 4160 - 4330 yuan/ton; North China market, 4460 - 4650 yuan/ton; East China market, 4380 - 4650 yuan/ton; Yangtze River region market, 4570 - 4740 yuan/ton; Northwest market, 4050 - 4350 yuan/ton; South China market, 4570 - 4720 yuan/ton [1] - In the first half of August 2025, the CIF prices of frozen propane and butane in East China were 571 US dollars/ton (up 5 US dollars/ton) and 549 US dollars/ton (up 12 US dollars/ton) respectively. In RMB terms, propane was 4497 yuan/ton (up 40 yuan/ton), and butane was 4324 yuan/ton (up 95 yuan/ton) [1] - In the first half of August 2025, the CIF prices of frozen propane and butane in South China were 574 US dollars/ton (up 3 US dollars/ton) and 549 US dollars/ton (up 7 US dollars/ton) respectively. In RMB terms, propane was 4521 yuan/ton (up 24 yuan/ton), and butane was 4324 yuan/ton (up 56 yuan/ton) [1] Strategy - Unilateral trading strategy: weak and volatile; Cross - period, cross - variety, spot - futures, and options strategies: none [2]