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LPG早报-20250722
Yong An Qi Huo·2025-07-22 08:06

Group 1: Report's Industry Investment Rating - There is no information provided regarding the report's industry investment rating [1] Group 2: Report's Core Viewpoint - Although the chemical demand for LPG is expected to be strong, the decline in oil prices and international LPG prices has led to a weakening of the PG market. The domestic LPG market is expected to continue a narrow - range oscillation due to weak combustion demand [1] Group 3: Summary by Relevant Catalog Price and Data Changes - From July 1 to July 2, 2025, the price of South China LPG increased by 10 to 4540, Shandong LPG increased by 2 to 4488, and Shandong alkylation oil increased by 30 to 4640. MB propane decreased by 3 to 550, and CP forecast price increased by 5 to 510 [1] - The basis of the main contract strengthened to 433 (+93), and the 08 - 09 month - spread was 50. The warehouse receipt registration volume was 8804 hands (+500), with 500 hands added by Qingdao Yunda [1] Market Conditions - On Monday, the cheapest deliverable was East China civil gas at 4488. FEI and CP declined, CP discount was basically flat, FEI discount dropped significantly, and PP fluctuated strongly. The production profit of FEI and CP to PP improved, and the CP production cost was lower than FEI [1] - The PG futures price rose, the month - spread declined, and the US - to - Far East arbitrage window closed. The AFEI propane dropped significantly, and the CP arrival discount decreased slightly [1] Supply and Demand - The port inventory increased significantly, and the factory inventory increased slightly. The commodity volume decreased by 0.98% due to reduced supply in South China's Maoming refinery, increased self - use in Shandong, and limited supply in East China [1] - Chemical demand was strong. The PDH operating rate increased significantly to 71.78% (+10.91pct), and next week, Liaoning Jinfa plans to resume operation. The alkylation operating rate increased, and Qifa Chemical's alkylation unit plans to resume production next week. MTBE export orders increased [1]