液化石油气日报：需求表现疲软，市场氛围平淡-20250718

Group 1: Report Investment Rating - The investment rating for the LPG industry is a unilateral strategy of weak oscillation [2] Group 2: Core View - The LPG market atmosphere is dull, with spot prices slightly falling locally and the futures market maintaining a weak oscillation. The overall supply - demand pattern of LPG is loose, with abundant overseas supply and high port inventories in China. Due to the off - season of domestic combustion demand and profit - constrained chemical demand, the market lacks upward drivers [1] Group 3: Market Analysis Summary - On July 17, regional prices were as follows: Shandong market, 4570 - 4640 yuan/ton; Northeast market, 4190 - 4380 yuan/ton; North China market, 4425 - 4650 yuan/ton; East China market, 4380 - 4650 yuan/ton; Yangtze River market, 4520 - 4610 yuan/ton; Northwest market, 3900 - 4250 yuan/ton; South China market, 4498 - 4650 yuan/ton [1] - In the second half of August 2025, the CIF price of frozen propane in East China was 564 dollars/ton, down 5 dollars/ton, and butane was 545 dollars/ton, down 5 dollars/ton. In South China, propane was 561 dollars/ton, down 5 dollars/ton, and butane was 542 dollars/ton, down 5 dollars/ton. The RMB - converted prices also decreased [1] - Overseas supply is abundant, with both US and Middle - East supply increasing. After the expansion of US export terminals, export growth space has opened up, suppressing prices in regions like FEI. In July, the arrival volume in China increased again, and port inventories in East China are high [1] Group 4: Strategy Summary - Unilateral strategy: weak oscillation; Cross - period, cross - variety, spot - futures, and option strategies are not recommended [2]