液化石油气日报：现货局部反弹，市场氛围一般-20250807

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The LPG market has a stable and loose supply - demand pattern. The PG futures shows signs of a rebound after the decline in crude oil prices stabilizes, and the spot prices in East and South China have slightly increased. However, the market has limited upside potential and limited downside space in the short term [1]. 3. Directory Summaries Market Analysis - On August 6, the regional prices of LPG were as follows: Shandong market 4500 - 4560 yuan/ton, Northeast market 4040 - 4360 yuan/ton, North China market 4410 - 4600 yuan/ton, East China market 4280 - 4500 yuan/ton, Yangtze River market 4450 - 4640 yuan/ton, Northwest market 4000 - 4200 yuan/ton, and South China market 4340 - 4500 yuan/ton [1]. - In the first half of September 2025, the CIF prices of refrigerated propane and butane in South China increased by 4 dollars/ton to 552 dollars/ton and 510 dollars/ton respectively, equivalent to 4337 yuan/ton and 4007 yuan/ton, up 32 yuan/ton. In East China, they also rose by 4 dollars/ton to 556 dollars/ton and 514 dollars/ton, equivalent to 4368 yuan/ton and 4038 yuan/ton, up 31 yuan/ton [1]. Strategy - Unilateral strategy: The market is expected to be weakly volatile, and investors should pay attention to the bottom - building signals of the futures market [2]. - Other strategies (inter - period, cross - variety, spot - futures, options): No specific strategies are provided [2].