LPG早报-20250826

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - PG futures prices fluctuated and strengthened, mainly due to the bottom - up rebound of spot prices and the increase in import costs. The basis weakened, and the spreads between different contract months changed. The warehouse receipt registration volume decreased slightly. The external market prices strengthened slightly, and the internal - external price spreads fluctuated. The fundamentals showed that port supply and demand both decreased, and inventory was basically flat. Refinery production increased, but factory inventories decreased due to increased demand. The operating rates of PDH, alkylation, and MTBE changed to different extents, and the production profits of related products also showed different trends [1] 3. Summary by Relevant Catalogs Daily Data - From August 19 - 25, 2025, prices of South China LPG, East China LPG, Shandong LPG, etc. showed different degrees of change. For example, on August 25, South China LPG was 4545, with a daily increase of 55; East China LPG was 4402, with a daily increase of 4; Shandong LPG was 4540, with a daily increase of 30. The 09 - 10 month spread was - 587 (- 78), and the 10 - 11 month spread was 82 (+ 2). The cheapest deliverable on Monday was East China civil LPG at 4402. FEI, CP, and PP prices rose, and the production profits of FEI and CP for PP production fluctuated [1] Weekly View - PG futures prices fluctuated and strengthened. The cheapest deliverable was East China civil LPG at 4398. The basis weakened to 520 (- 19), the 9 - 10 month spread was - 509 (- 38), and the 10 - 11 month spread was 80 (+ 0). The warehouse receipt registration volume was 12887 (- 1). External market prices strengthened slightly, and internal - external price spreads fluctuated. The freight rates from the US Gulf to Japan and the Middle East to the Far East decreased. The naphtha crack spread strengthened slightly. The production profits of related products such as PDH - made propylene, alkylation oil, etc. changed to different extents. Fundamentally, port supply and demand both decreased, inventory was basically flat, refinery production increased by 1.94%, and factory inventories decreased. The PDH operating rate was 75.66% (- 0.67pct), and the alkylation operating rate was 51.42% (- 0.67pct) [1]