液化石油气日报：市场驱动不足，盘面弱势运行-20250812

Group 1: Report Investment Rating - The investment rating for the propane and butane market is not explicitly provided in the report Group 2: Core View - The market has insufficient driving forces and the PG futures price is in a weak and volatile state, with limited upward momentum despite being at a relatively low level [1] - The domestic spot price of civil liquefied gas declined locally yesterday, with relatively good transactions in the East China region, mainly driven by downstream rigid - demand purchases [1] - Overseas supply remains abundant, and the domestic arrival volume may continue to be high, maintaining an overall abundant supply [1] - The demand for the combustion end in the off - season remains weak. Although the operating rate of downstream deep - processing devices has marginally improved recently, the product profit situation has not completely reversed, and the power for continuous demand growth is insufficient [1] - The strategy for unilateral trading is to expect a weak and volatile market, and to pay attention to the bottom - building signals of the futures price [2] Group 3: Summary by Content Market Analysis - On August 11, the regional prices were as follows: Shandong market, 4320 - 4530 yuan/ton; Northeast market, 3990 - 4360 yuan/ton; North China market, 4360 - 4590 yuan/ton; East China market, 4350 - 4450 yuan/ton; Yangtze River market, 4350 - 4540 yuan/ton; Northwest market, 4100 - 4250 yuan/ton; South China market, 4298 - 4500 yuan/ton [1] - In the first half of September 2025, the CIF prices of frozen propane and butane in East China were 563 dollars/ton (up 7 dollars/ton) and 538 dollars/ton (up 24 dollars/ton) respectively, equivalent to 4386 yuan/ton (up 19 yuan/ton) and 4190 yuan/ton (up 153 yuan/ton) in RMB [1] - In the first half of September 2025, the CIF prices of frozen propane and butane in South China were 558 dollars/ton (up 6 dollars/ton) and 538 dollars/ton (up 28 dollars/ton) respectively, equivalent to 4426 yuan/ton (up 90 yuan/ton) and 4229 yuan/ton (up 223 yuan/ton) in RMB [1] Strategy - Unilateral trading: Expect a weak and volatile market and pay attention to the bottom - building signals of the futures price; Inter - period, inter - variety, spot - futures, and options trading strategies are not provided [2]