液化石油气日报：现货涨跌互现，产销尚可-20250905

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core View The LPG market sentiment shows signs of marginal improvement, but the sharp decline in oil prices yesterday led to a correction in the futures market. Although PG is relatively resistant to decline in the energy sector, it cannot completely escape the impact. The spot market shows mixed trends, with prices in North China, East China, Northwest China, and South China rising steadily, prices in the Yangtze River region declining, and prices in other regions remaining stable. The LPG market is currently in a state with support at the bottom but limited upward momentum. If OPEC continues to increase production in the future, it will not only drive down oil prices but also increase the supply of Middle East LPG following the increase in crude oil, putting new pressure on the LPG market [1]. Strategy - Unilateral: The market is expected to be moderately bullish. It is advisable to pay attention to opportunities to go long on the PG main contract on dips, but the upside potential is expected to be limited [2]. - Inter - period: No specific strategy is proposed [2]. - Inter - commodity: No specific strategy is proposed [2]. - Futures - spot: No specific strategy is proposed [2]. - Options: No specific strategy is proposed [2]. Market Analysis - Regional Spot Prices on September 4: Shandong market: 4,550 - 4,610 yuan/ton; Northeast market: 3,900 - 4,280 yuan/ton; North China market: 4,050 - 4,650 yuan/ton; East China market: 4,450 - 4,570 yuan/ton; Yangtze River market: 4,760 - 4,900 yuan/ton; Northwest market: 4,550 - 4,720 yuan/ton; South China market: 4,438 - 4,660 yuan/ton [1]. - China's East China Frozen Cargo Arrival Prices in the First Half of October 2025: Propane: 594 US dollars/ton, down 2 US dollars/ton, equivalent to 4,646 yuan/ton, down 20 yuan/ton; Butane: 570 US dollars/ton, down 2 US dollars/ton, equivalent to 4,459 yuan/ton, down 19 yuan/ton [1]. - China's South China Frozen Cargo Arrival Prices in the First Half of October 2025: Propane: 587 US dollars/ton, down 2 US dollars/ton, equivalent to 4,592 yuan/ton, down 19 yuan/ton; Butane: 563 US dollars/ton, down 2 US dollars/ton, equivalent to 4,404 yuan/ton, down 19 yuan/ton [1].