LPG：进口成本存支撑，但供需缺乏明显改善，丙烯：供需紧平衡，价格偏强整理

Group 1: Report Core Views - The import cost of LPG provides support, but there is no significant improvement in supply and demand [1] - Propylene is in a tight supply - demand balance, and its price is consolidating strongly [1] Group 2: LPG and Propylene Futures Data Futures Prices - PG2509 closed at 3,878 yesterday with a -0.56% daily increase, and 3,889 in the night session with a 0.28% increase [1] - PG2510 closed at 4,387 yesterday with a -0.14% daily increase, and 4,428 in the night session with a 0.93% increase [1] - PL2601 closed at 6,470 yesterday with a -0.03% daily increase, and 6,510 in the night session with a 0.62% increase [1] - PL2602 closed at 6,522 yesterday with a 0.00% daily increase, and 6,543 in the night session with a 0.32% increase [1] Position and Trading Volume - PG2509 had a trading volume of 12,533 yesterday, a decrease of 6081 from the previous day, and a position of 29,779, a decrease of 5452 from the previous day [1] - PG2510 had a trading volume of 66,214 yesterday, a decrease of 32854 from the previous day, and a position of 101,565, a decrease of 3370 from the previous day [1] - PL2601 had a trading volume of 1,399 yesterday, a decrease of 1125 from the previous day, and a position of 4,614, an increase of 28 from the previous day [1] - PL2602 had a trading volume of 0 yesterday, a decrease of 23 from the previous day, and a position of 849, unchanged from the previous day [1] Spreads - The spread between Guangzhou domestic gas and the PG10 contract was 143 yesterday, compared to 137 the previous day [1] - The spread between Guangzhou imported gas and the PG10 contract was 193 yesterday, compared to 187 the previous day [1] - The spread between Shandong propylene and the PL01 contract was 30 yesterday, compared to -2 the previous day [1] - The spread between East China propylene and the PL01 contract was -45 yesterday, compared to -47 the previous day [1] - The spread between South China propylene and the PL01 contract was -45 yesterday, compared to -97 the previous day [1] Industry Chain Key Data - The PDH operating rate this week was 75.7%, compared to 76.3% last week [1] - The MTBE operating rate was 63.5%, compared to 63.4% [1] - The alkylation operating rate was 47.3%, compared to 49.0% [1] Group 3: Trend Intensity - The trend intensity of LPG is 0; the trend intensity of propylene is 0 [6] Group 4: Market Information CP Paper Cargo Prices - On August 22, 2025, the September CP paper cargo price for propane was 518 dollars/ton, a decrease of 2 dollars/ton from the previous trading day; the price for butane was 495 dollars/ton, a decrease of 1 dollar/ton from the previous trading day [7] - The October CP paper cargo price for propane was 534 dollars/ton, a decrease of 2 dollars/ton from the previous trading day [7] Domestic PDH Device Maintenance Plans - Multiple companies including Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., have PDH device maintenance plans with different start and end times [8] Domestic LPG Factory Device Maintenance Plans - Multiple production enterprises such as Shengli Oilfield, Zhenghe Petrochemical, etc., have LPG factory device maintenance plans with different start and end times and loss volumes [8]