液化石油气日报：产销温和，下游刚需为主-20250820

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The overall supply - demand pattern of LPG remains loose, and the market is operating weakly. There are some marginal benefits recently, but they are not enough to reverse the atmosphere. The external market price fell again yesterday. The overall market production and sales are moderate, with downstream demand mainly for rigid needs [1]. - Overseas supply remains abundant, and the domestic commercial volume has decreased slightly but still remains abundant. In terms of demand, the demand at the combustion end is continuously weak under the background of summer high temperatures, and downstream purchases are mainly for rigid needs. Meanwhile, the demand at the chemical end has improved marginally, and the PDH operating rate has risen to the high - level range this year, but the power for further strengthening in the future is limited [1]. 3. Summary by Related Catalogs Market Analysis - On August 19, the regional prices were as follows: Shandong market 4420 - 4500 yuan; Northeast market 3900 - 4110 yuan; North China market 4280 - 4620 yuan; East China market 4280 - 4480 yuan; Yangtze River market 4480 - 4700 yuan; Northwest market 4200 - 4300 yuan; South China market 4428 - 4580 yuan [1]. - In the second half of September 2025, the CIF price of frozen propane in East China, China, was 568 US dollars/ton, down 4 US dollars/ton, and butane was 545 US dollars/ton, down 4 US dollars/ton. The RMB price of propane was 4462 yuan/ton, down 29 yuan/ton, and butane was 4281 yuan/ton, down 30 yuan/ton. In South China, the CIF price of frozen propane was 560 US dollars/ton, down 4 US dollars/ton, and butane was 537 US dollars/ton, down 4 US dollars/ton. The RMB price of propane was 4399 yuan/ton, down 29 yuan/ton, and butane was 4219 yuan/ton, down 29 yuan/ton [1]. - Yesterday, the prices in Shandong, Northwest, and South China regions increased, while the rest remained stable [1]. Strategy - Unilateral: The market is in a shock state. One can pay attention to the short - term rebound opportunities of PG at low levels (avoid the 09 contract considering the issue of warrant cancellation), but the space is limited. There are no strategies for inter - period, inter - variety, spot - futures, and options [2].