盘面筑底反弹，但驱动仍有限

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core View of the Report In the context of the PG market trading at a low level, recent marginal positive factors (rising international freight rates and improved chemical demand) have led to an improvement in market sentiment. With the main contract switching to 2510, the market shows signs of bottom - building and rebound. However, considering that the LPG supply - demand pattern has not reversed substantially, the driving force and space for the market to continue rising may be limited [1]. 3) Summary by Relevant Contents Market Analysis - Regional Prices on August 21: Shandong market: 4420 - 4520 yuan/ton; Northeast market: 3950 - 4130 yuan/ton; North China market: 4280 - 4620 yuan/ton; East China market: 4330 - 4480 yuan/ton; Yangtze River market: 4480 - 4760 yuan/ton; Northwest market: 4250 - 4350 yuan/ton; South China market: 4478 - 4580 yuan/ton [1]. - China's Imported Prices in Mid - to - Late September 2025: In East China, the CIF price of propane is 579 dollars/ton (up 1 dollar/ton), and that of butane is 556 dollars/ton (down 2 dollars/ton), equivalent to 4544 yuan/ton (up 2 yuan/ton) for propane and 4363 yuan/ton (down 22 yuan/ton) for butane in RMB. In South China, the CIF price of propane is 571 dollars/ton (up 1 dollar/ton), and that of butane is 548 dollars/ton (down 2 dollars/ton), equivalent to 4481 yuan/ton (up 2 yuan/ton) for propane and 4301 yuan/ton (down 21 yuan/ton) for butane in RMB [1]. - Supply and Demand: Supply remains abundant with high overseas supply, concentrated arrivals, and an increase in domestic commodity volume. On the demand side, combustion - end demand is weak due to high summer temperatures, while chemical - end demand has improved marginally, with the PDH operating rate reaching a high level this year, but the momentum for further strengthening is limited [1]. Strategy - Unilateral: The market is expected to fluctuate. Traders can focus on short - term rebound opportunities at low PG levels, but the upside space is limited. There are no suggestions for inter - period, inter - variety, spot - futures, or options trading [2].