市场变量暂有限，等待盘面企稳

Report Summary 1. Investment Rating - The report suggests a unilateral strategy of "oscillating weakly" for the LPG market, with no specific recommendations for cross - period, cross - variety, spot - futures, or option strategies [2]. 2. Core View - The LPG market currently shows weak fundamentals and a dull market atmosphere. The PG main contract has continuously declined and fallen below 4,000 yuan/ton again. It is necessary to wait for signals of market stabilization and stop - falling. The overall price fluctuation of the domestic LPG market is limited, with supply remaining sufficient and demand in a weak state [1]. 3. Summary by Content Market Analysis - On July 23, the regional LPG prices were as follows: Shandong market, 4,520 - 4,670 yuan/ton; Northeast market, 4,190 - 4,380 yuan/ton; North China market, 4,530 - 4,680 yuan/ton; East China market, 4,330 - 4,600 yuan/ton; Yangtze River market, 4,500 - 4,660 yuan/ton; Northwest market, 4,050 - 4,200 yuan/ton; South China market, 4,548 - 4,700 yuan/ton [1]. - In the second half of August 2025, the CIF prices of frozen LPG in East China were propane at 542 US dollars/ton (up 2 US dollars/ton) and butane at 524 US dollars/ton (up 2 US dollars/ton), equivalent to 4,261 yuan/ton (up 13 yuan/ton) for propane and 4,120 yuan/ton (up 13 yuan/ton) for butane in RMB. In South China, the CIF prices were propane at 536 US dollars/ton (up 2 US dollars/ton) and butane at 521 US dollars/ton (up 2 US dollars/ton), equivalent to 4,214 yuan/ton (up 13 yuan/ton) for propane and 4,096 yuan/ton (up 13 yuan/ton) for butane in RMB [1]. - The LPG spot market had a narrow - range adjustment. In South China, the price gap was reduced, and the lower - end prices increased, driving the center of gravity to move up slightly. In Central China, prices declined due to the weak external market. Overseas supply remained abundant, with high US exports and an increase in the arrival volume in July. Domestic supply was also sufficient, while the demand for civil gas was in a slack season, and the PDH profit in the deep - processing sector improved marginally, with the operating rate rising above 70%, but lacked the impetus for continuous growth [1]. Strategy - Unilateral: Oscillating weakly; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [2]