Report Key Points 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Despite the strong chemical demand outlook, 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 its narrow - range oscillation due to weak combustion demand [1] 3. Summary by Related Catalogs Price and Basis - From July 1 to July 22, prices of various LPG products showed different changes. For example, the price of South China LPG increased from 4530 to 4570, while the price of Shandong liquefied gas decreased from 4486 to 4443. The basis of the main contract strengthened to 433 (+93), and the 08 - 09 month - spread was 38 [1] International Market and Arbitrage - FEI and CP continued to decline, while PP was running strongly. The production profit of PP made from FEI and CP improved, and the CP production cost was lower than that of FEI. The US - to - Far - East arbitrage window opened, and AFEI propane dropped significantly [1] Inventory and Supply - High unloading volumes led to a significant build - up of port inventories and a small build - up of factory inventories. The commodity volume decreased by 0.98%, mainly due to reduced external sales from the main refineries in South China's Maoming, increased self - use in Shandong, and limited supply in East China [1] Demand - Chemical demand was strong. The PDH operating rate increased significantly to 71.78% (+10.91pct), and the alkylation operating rate also increased. MTBE export orders increased, but combustion demand was weak [1]
LPG早报-20250723
Yong An Qi Huo·2025-07-23 07:57