LPG：需求疲软，弱势震荡

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The LPG market is experiencing weak demand and is in a weak oscillatory state [1]. 3. Summary by Related Catalogs LPG Fundamental Data - Futures Prices and Trading Volume: The PG2508 contract closed at 4,156 yesterday with a -1.38% daily increase and 4,175 in the night session with a 0.46% increase. The PG2509 contract closed at 4,070 yesterday with a -0.97% daily increase and 4,089 in the night session with a 0.47% increase. The trading volume of PG2508 was 79,971, an increase of 24,856 from the previous day, and the position was 46,491, a decrease of 4,998. The trading volume of PG2509 was 25,300, an increase of 8,258 from the previous day, and the position was 40,184, an increase of 1,277 [3]. - Price Spreads: The spread between Guangzhou domestic gas and the 08 contract was 494 yesterday, compared to 436 the previous day. The spread between Guangzhou imported gas and the 08 contract was 544 yesterday, compared to 486 the previous day [3]. - Industrial Chain Important Price Data: The PDH operating rate this week was 60.9%, down from 65.5% last week. The MTBE operating rate was 66.9%, up from 65.1%. The alkylation operating rate was 44.6%, down from 46.2% [3]. Market Trends - Trend Intensity: The LPG trend intensity is 0, indicating a neutral outlook [8]. Market News - Saudi CP Expectations: On July 10, 2025, the expected price of propane for the August Saudi CP was 564 dollars per ton, down 1 dollar per ton from the previous trading day. The expected price of butane was 534 dollars per ton, also down 1 dollar per ton. For the September Saudi CP, the expected price of propane was 562 dollars per ton, down 1 dollar per ton, and the expected price of butane was 532 dollars per ton, down 1 dollar per ton [10]. - Domestic PDH Device Maintenance Plans: Multiple companies have PDH device maintenance plans, with some starting as early as 2023 and some ending as late as August 2025 [9].