液化石油气日报：到岸价延续上涨，市场情绪尚可-20250904

Report Industry Investment Rating - The LPG market is expected to be volatile and bullish, with limited upside potential [2] Core View of the Report - The LPG market has shown a volatile and relatively strong trend recently. After the main contract switched to PG2510, the support on the futures market has increased. The rising swap prices in the overseas market have boosted the arrival prices, which is positive for the domestic market. However, the impact of the rising import costs on downstream chemical demand should be noted. The spot market is generally stable, with balanced production and sales and acceptable downstream inventory pressure. Currently, the market has support at the bottom but limited upward momentum. Attention should be paid to the marginal changes in overseas supply and downstream demand [1] Summary by Related Catalogs Market Analysis - On September 3, the regional prices were as follows: Shandong market, 4550 - 4610; Northeast market, 3910 - 4260; North China market, 4000 - 4650; East China market, 4450 - 4550; Yangtze River market, 4760 - 4950; Northwest market, 4550 - 4600; South China market, 4408 - 4630 [1] - In the first half of October 2025, the arrival prices of frozen LPG in East China were propane at 596 US dollars/ton, up 6 US dollars/ton, and butane at 572 US dollars/ton, up 6 US dollars/ton. In RMB terms, propane was 4666 yuan/ton, up 49 yuan/ton, and butane was 4478 yuan/ton, up 48 yuan/ton [1] - In the first half of October 2025, the arrival prices of frozen LPG in South China were propane at 589 US dollars/ton, up 6 US dollars/ton, and butane at 565 US dollars/ton, up 6 US dollars/ton. In RMB terms, propane was 4611 yuan/ton, up 48 yuan/ton, and butane was 4423 yuan/ton, up 48 yuan/ton [1] Strategy - Unilateral: Volatile and bullish. Consider the opportunity to go long on the main PG contract on dips, but the expected upside is limited. There are no strategies for inter - period, cross - variety, spot - futures, or options [2]