液化石油气日报：交投好转，氛围尚可-20250821

Group 1: Industry Investment Rating - Not provided Group 2: Core Viewpoints - The overall supply - demand pattern of LPG remains loose, and the futures market is at a relatively low level. However, there are some marginal positive factors recently, such as the increase in international freight rates and the improvement in chemical demand. The significant rebound of the overseas market price may drive a marginal improvement in sentiment [1]. - The spot prices in the Yangtze River and South China regions increased slightly, while those in other regions remained stable. Some downstream buyers replenished their stocks at low prices, resulting in improved trading and a favorable market atmosphere [1]. - The overseas supply is high, and the domestic commercial volume decreased slightly, with the overall supply remaining abundant. The demand for combustion is weak in the summer heat, and downstream buyers make rigid - demand purchases. Meanwhile, the chemical demand has improved marginally, with the PDH operating rate reaching a high level this year, but the power for further strengthening is limited [1]. - The unilateral strategy is to expect a volatile market. One can pay attention to short - term rebound opportunities at low levels of PG, but the upside space is limited. There are no specific strategies for inter - period, inter - variety, spot - futures, and options [2]. Group 3: Summary by Related Catalogs Market Analysis - On August 20, the regional prices were as follows: Shandong market, 4420 - 4500 yuan/ton; Northeast market, 3950 - 4100 yuan/ton; North China market, 4280 - 4480 yuan/ton; East China market, 4280 - 4480 yuan/ton; Yangtze River market, 4480 - 4730 yuan/ton; Northwest market, 4200 - 4300 yuan/ton; South China market, 4478 - 4580 yuan/ton [1]. - In the second half of September 2025, the CIF prices of frozen propane and butane in East China were 578 dollars/ton (up 10 dollars/ton) and 558 dollars/ton (up 13 dollars/ton) respectively, equivalent to 4542 yuan/ton (up 80 yuan/ton) and 4385 yuan/ton (up 104 yuan/ton) in RMB. In South China, the CIF prices of frozen propane and butane were 570 dollars/ton (up 10 dollars/ton) and 550 dollars/ton (up 13 dollars/ton) respectively, equivalent to 4479 yuan/ton (up 80 yuan/ton) and 4322 yuan/ton (up 103 yuan/ton) in RMB [1]. Strategy - Unilateral: Volatile. Pay attention to short - term rebound opportunities at low levels of PG, but the space is limited [2]. - Inter - period: None [2]. - Inter - variety: None [2]. - Spot - futures: None [2]. - Options: None [2].