液化石油气日报：市场氛围一般，关注盘面筑底信号-20250725

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The LPG fundamentals are currently weak, with a dull market atmosphere. The PG main contract shows some signs of stabilization after continuous declines, and there is also some short - term support from the crude oil side. The strategy for the single - side is to expect a volatile market and focus on the bottom - building signals of the market [1][2]. 3) Summary by Related Content Market Analysis - On July 24, regional prices were as follows: Shandong market, 4520 - 4670; Northeast market, 4190 - 4380; North China market, 4530 - 4680; East China market, 4330 - 4600; Yangtze River market, 4500 - 4690; Northwest market, 4070 - 4250; South China market, 4548 - 4700 [1]. - In the second half of August 2025, the CIF price of frozen propane in East China was 552 US dollars/ton, up 10 US dollars/ton, and butane was 529 US dollars/ton, up 5 US dollars/ton. In RMB terms, propane was 4338 yuan/ton, up 77 yuan/ton, and butane was 4157 yuan/ton, up 37 yuan/ton. In South China, the CIF price of frozen propane was 547 US dollars/ton, up 11 US dollars/ton, and butane was 526 US dollars/ton, up 5 US dollars/ton. In RMB terms, propane was 4299 yuan/ton, up 85 yuan/ton, and butane was 4134 yuan/ton, up 38 yuan/ton [1]. - The LPG fundamentals are weak, with a dull market atmosphere. The PG main contract has some signs of stabilization after continuous declines, and there is short - term support from the crude oil side. Spot prices in the Yangtze River and Northwest regions increased slightly, while prices in other regions remained stable. Overseas supply is abundant, US exports are at a high level, the arrival volume in July increased again, and the decline in domestic commodity volume is limited, resulting in sufficient overall supply. The demand for civil gas is in the off - season, and the combustion demand is weak. The profit of PDH in deep - processing has improved marginally recently, and the operating rate has rebounded to around 75% this week [1]. Strategy - Single - side: Volatile, focus on the bottom - building signals of the market. - Cross - period: None. - Cross - variety: None. - Spot - futures: None. - Options: None [2]. Figures The report includes figures showing various data such as spot prices of civil LPG in different regions (Shandong, East China, South China, North China, Northeast, Yangtze River), spot prices of ether - after carbon four in different regions (Shandong, East China, North China, Northeast, Yangtze River, Northwest), and closing prices, trading volumes, and open interests of PG futures contracts (main contract, index, near - month contract) [3].