液化石油气日报：8月CP价格大幅下调，市场弱势延续-20250801

Group 1: Market Analysis - On July 31, regional prices were as follows: Shandong market, 4450 - 4580; Northeast market, 4140 - 4500; North China market, 4530 - 4650; East China market, 4280 - 4600; Yangtze River market, 4400 - 4620; Northwest market, 4100 - 4350; South China market, 4398 - 4500 [1] - In the second half of August 2025, the CIF price of frozen propane in East China was 545 USD/ton, down 5 USD/ton, and butane was 513 USD/ton, down 15 USD/ton. In RMB terms, propane was 4290 yuan/ton, down 36 yuan/ton, and butane was 4038 yuan/ton, down 115 yuan/ton. In South China, the CIF price of frozen propane was 538 USD/ton, down 5 USD/ton, and butane was 506 USD/ton, down 15 USD/ton. In RMB, propane was 4234 yuan/ton, down 37 yuan/ton, and butane was 3983 yuan/ton, down 115 yuan/ton [1] - Saudi Aramco announced the August CP price, with both propane and butane significantly lower than July. Propane was 520 USD/ton, down 55 USD/ton from last month, and butane was 490 USD/ton, also down 55 USD/ton. Domestic LPG prices partially fell, with East China's LPG maintaining stable sales. The upstream's shipping pressure was not high, but the high import volume and expected CP decline suppressed market sentiment. The sharp drop in CP prices reflected the weak fundamentals of LPG, with abundant overseas supply, no significant reduction in domestic production, and high imports and port inventories. The demand for civil gas was in the off - season, and the combustion demand was weak. Although the profit of PDH in deep - processing improved marginally and the operating rate increased, the subsequent growth momentum was limited [1] Group 2: Strategy - Unilateral: Oscillating, pay attention to bottom - building signals on the disk. There are no strategies for inter - period, inter - variety, spot - futures, or options [2]