LPG：成本支撑偏弱

Group 1: Report Overview - The report focuses on LPG and propylene markets, with the date of August 6, 2025 [1] - The cost support for LPG is weak, and the supply - demand pattern of propylene is loose, showing short - term weak and volatile trends [1] Group 2: Futures Price, Position, and Spread Futures Price - PG2509 closed at 3,845 yesterday with a - 1.31% daily increase, and 3,829 at night with a - 0.42% increase; PG2510 closed at 4,281 yesterday with a - 0.65% daily increase, and 4,308 at night with a 0.63% increase; PL2601 closed at 6,512 yesterday with a 0.48% daily increase, and 6,476 at night with a - 0.55% increase; PL2602 closed at 6,571 yesterday with a 0.52% daily increase, and 6,542 at night with a - 0.44% increase [2] Position and Transaction Volume - For PG2509, the yesterday's trading volume was 94,257 (an increase of 1,692), and the night - trading position was 101,941 (an increase of 5,819); for PG2510, the yesterday's trading volume was 33,586 (an increase of 1,922), and the night - trading position was 78,899 (an increase of 8,017); for PL2601, the yesterday's trading volume was 1,971 (a decrease of 166), and the night - trading position was 4,461 (a decrease of 25); for PL2602, the yesterday's trading volume was 104 (a decrease of 91), and the night - trading position was 968 (a decrease of 49) [2] Spread - The spread between Guangzhou domestic gas and PG09 contract was 505 yesterday (454 the day before); the spread between Guangzhou imported gas and PG09 contract was 495 yesterday (484 the day before); the spread between Shandong propylene and PL01 contract was - 337 yesterday (- 321 the day before); the spread between East China propylene and PL01 contract was - 212 yesterday (- 156 the day before); the spread between South China propylene and PL01 contract was - 287 yesterday (- 156 the day before) [2] Group 3: Industry Chain Data - This week, the PDH operating rate was 72.6% (73.1% last week), the MTBE operating rate was 67.8% (69.0% last week), and the alkylation operating rate was 49.7% (46.2% last week) [2] Group 4: Trend Intensity - The trend intensity of LPG is 0, and that of propylene is also 0. The range of trend intensity is [- 2,2], with - 2 being the most bearish and 2 being the most bullish [10] Group 5: Market Information Saudi CP Expectations - On August 4, 2025, the September Saudi CP expectation for propane was 516 dollars/ton, down 10 dollars/ton from the previous trading day; for butane, it was 486 dollars/ton, down 10 dollars/ton. The October Saudi CP expectation for propane was 532 dollars/ton, down 9 dollars/ton from the previous trading day; for butane, it was 502 dollars/ton, down 9 dollars/ton [11] Domestic PDH Device Maintenance Plans - Multiple companies have PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with the end time to be determined [12] Domestic LPG Factory Device Maintenance Plans - Many production enterprises have device maintenance plans, including Shandong's Shengli Heavy Oil with a 60 - day whole - plant maintenance from June 16, 2025, to mid - August 2025 [12]