液化石油气日报：PDH需求边际提升，关注盘面企稳迹象-20250815

Group 1: Report Industry Investment Rating - The report does not mention an industry investment rating. Group 2: Core Viewpoints - The LPG outer market and domestic futures have shown a weak oscillation recently, with a slight rebound yesterday. Although the market position is low and the short - term downward space may be limited, the upward momentum is still insufficient. The global LPG supply - demand pattern remains loose, and domestic supply is abundant. The combustion - end demand is in the off - season, while the chemical terminal demand shows marginal improvement. The PDH operating rate has reached about 78%, and the new raw material procurement demand will support the domestic and outer - market propane markets [1]. - The unilateral strategy is oscillating weakly, and attention should be paid to the bottom - building signal of the market. There are no strategies for inter - period, inter - variety, spot - futures, and options [2]. Group 3: Summary by Relevant Catalog Market Analysis - On August 14, the regional prices of LPG were as follows: Shandong market, 4350 - 4450 yuan/ton; Northeast market, 3990 - 4260 yuan/ton; North China market, 4360 - 4620 yuan/ton; East China market, 4350 - 4450 yuan/ton; Yangtze River market, 4400 - 4540 yuan/ton; Northwest market, 4100 - 4300 yuan/ton; South China market, 4298 - 4500 yuan/ton [1]. - In the first half of September 2025, the CIF price of frozen propane in East China was 570 US dollars/ton, up 9 US dollars/ton, and butane was 547 US dollars/ton, up 11 US dollars/ton. In RMB terms, propane was 4476 yuan/ton, up 69 yuan/ton, and butane was 4296 yuan/ton, up 86 yuan/ton. In South China, the CIF price of frozen propane was 562 US dollars/ton, up 6 US dollars/ton, and butane was 539 US dollars/ton, up 8 US dollars/ton. In RMB terms, propane was 4414 yuan/ton, up 47 yuan/ton, and butane was 4233 yuan/ton, up 62 yuan/ton [1]. - The domestic civil LPG price remained stable overall yesterday, with a slight decline in Shandong. The global LPG supply - demand pattern is loose, and domestic supply is abundant due to high arrival volume. The combustion - end demand is in the off - season, while the chemical terminal demand shows marginal improvement [1]. Strategy - Unilateral: Oscillating weakly, pay attention to the bottom - building signal of the market - Inter - period: None - Inter - variety: None - Spot - futures: None - Options: None [2]