液化石油气日报：现货价格大体持稳，盘面低位震荡-20250813

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report The report indicates that the spot price of LPG remains generally stable, while the futures market experiences low - level fluctuations. The PG futures market continues its weak oscillation. Although the price is at a relatively low level, there is insufficient upward momentum. The global LPG supply - demand pattern is loose, with abundant overseas supply and potentially high domestic arrivals. The demand for combustion during the off - season is weak, and the downstream device operating rate in deep - processing shows marginal improvement but lacks continuous growth power [1]. 3. Summary by Related Content Market Analysis - Regional Spot Prices: On August 12, the regional prices of LPG were as follows: Shandong market, 4380 - 4480 yuan/ton; Northeast market, 3990 - 4360 yuan/ton; North China market, 4360 - 4620 yuan/ton; East China market, 4350 - 4450 yuan/ton; Yangtze River region, 4350 - 4540 yuan/ton; Northwest market, 4100 - 4250 yuan/ton; South China market, 4298 - 4500 yuan/ton [1]. - Imported Goods Price: In the first half of September 2025, the CIF price of propane in East China was 564 dollars/ton (up 1 dollar/ton), and butane was 539 dollars/ton (up 1 dollar/ton), equivalent to 4434 yuan/ton for propane and 4238 yuan/ton for butane in RMB. In South China, the CIF price of propane was 559 dollars/ton (up 1 dollar/ton), and butane was 539 dollars/ton (up 1 dollar/ton), equivalent to 4395 yuan/ton for propane and 4199 yuan/ton for butane in RMB [1]. - Market Conditions: Crude oil prices have been weak recently, and the PG futures market continues its weak oscillation. The domestic civil LPG price remained stable overall, with partial slight increases, and the market atmosphere was dull. The global LPG supply - demand pattern is loose, with abundant overseas supply and potentially high domestic arrivals due to the open import arbitrage window. The off - season combustion demand is weak, and the downstream device operating rate in deep - processing shows marginal improvement but lacks continuous growth power [1]. Strategy - Unilateral: The market is expected to be weakly oscillating. Pay attention to the bottom - building signals of the futures market [2]. - Other Strategies: No specific strategies are provided for inter - period, inter - variety, spot - futures, or options trading [2].