LPG：供需维持宽松，短期偏弱震荡，丙烯：供需收紧，现货价格高位

Report Summary 1. Report Title and Date - The report is titled "LPG: Supply and Demand Remain Loose, Short - term Weak and Fluctuating; Propylene: Supply and Demand Tighten, Spot Price at High" and was released on August 29, 2025 [1][2] 2. Core Viewpoints - The supply and demand of LPG remain loose, and it will show a short - term weak and fluctuating trend; the supply and demand of propylene tighten, and the spot price is at a high level [2][3] 3. Specific Content Summaries 3.1 Fundamental Data of LPG and Propylene - Futures Prices: PG2509 closed at 3,809 yesterday with a daily decline of 1.60%, and the night - session price was 3,763 with a decline of 1.21%; PG2510 closed at 4,409 yesterday with a daily increase of 0.02%, and the night - session price was 4,361 with a decline of 1.09%; PL2601 closed at 6,450 yesterday with a daily increase of 0.09%, and the night - session price was 6,437 with a decline of 0.20%; PL2602 closed at 6,485 yesterday with a daily increase of 0.11%, and there was no night - session trading [3] - Position and Trading Volume: For PG2509, the trading volume was 5,453 yesterday (a decrease of 2131 compared with the previous day), and the position was 11,887 (a decrease of 3639 compared with the previous day); for PG2510, the trading volume was 68,724 yesterday (a decrease of 9094 compared with the previous day), and the position was 87,589 (a decrease of 1203 compared with the previous day); for PL2601, the trading volume was 1,066 yesterday (an increase of 263 compared with the previous day), and the position was 4,897 (an increase of 77 compared with the previous day); for PL2602, the trading volume was 4 yesterday (a decrease of 17 compared with the previous day), and the position was 853 (an increase of 2 compared with the previous day) [3] - Spreads: The spread between Guangzhou domestic gas and PG10 contract was 191 yesterday (compared with 192 the previous day); the spread between Guangzhou imported gas and PG10 contract was 221 yesterday (compared with 232 the previous day); the spread between Shandong propylene and PL01 contract was 125 yesterday (compared with 116 the previous day); the spread between East China propylene and PL01 contract was 100 yesterday (compared with 56 the previous day); the spread between South China propylene and PL01 contract was 25 yesterday (compared with - 19 the previous day) [3] - Industrial Chain Data: The PDH operating rate this week was 73.0% (compared with 75.7% last week), the MTBE operating rate was 63.5% (unchanged from last week), and the alkylation operating rate was 49.0% (compared with 47.3% last week) [3] 3.2 Trend Intensity - The trend intensity of LPG is 0, and the trend intensity of propylene is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [8] 3.3 Market Information - CP Paper Goods Prices: On August 28, 2025, the September CP paper - goods price of propane was 516 US dollars per ton, unchanged from the previous trading day; the price of butane was 492 US dollars per ton, unchanged from the previous trading day. The October CP paper - goods price of propane was 529 US dollars per ton, a decrease of 1 US dollar per ton from the previous trading day [9] - Domestic PDH Device Maintenance Plans: Multiple companies have PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with the end time to be determined; Quanzhou Guoheng Chemical Co., Ltd. having maintenance from July 16 to August 26, 2025, etc. [10] - Domestic Liquefied Gas Factory Device Maintenance Plans: Many domestic liquefied gas factories have maintenance plans, such as Shengli Heavy Oil Plant having a full - plant maintenance from June 16 to August 25, 2025, with a normal production volume of 400 and a loss volume of 400; Fuhai Chuang having a full - plant maintenance from the end of June to the end of August 2025, with a normal production volume of 1000 and a loss volume of 1000 [10]