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液化石油气日报2025-09-10：现货涨跌互现，市场氛围尚可-20250910
Hua Tai Qi Huo·2025-09-10 07:56
  1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The recent market sentiment of LPG has improved marginally, with the overseas market prices rebounding continuously. The spot prices are mixed, and the prices in the East China, South China, and North China markets have increased. The current LPG market has support at the bottom but limited upward driving force. The near - term fundamentals are okay, but the global oversupply pattern has not reversed, and the medium - to - long - term prospects remain weak. If OPEC continues to increase production in the future, it may bring new pressure to the LPG market [1] - The unilateral strategy is to be moderately bullish with oscillations. Attention should be paid to the opportunity of going long on the PG main contract at low prices, but the expected upside space is limited [2] 3. Summary by Related Catalogs Market Analysis - On September 9, the regional prices were as follows: Shandong market, 4520 - 4580 yuan/ton; Northeast market, 3940 - 4260 yuan/ton; North China market, 4200 - 4650 yuan/ton; East China market, 4450 - 4620 yuan/ton; Yangtze River region market, 4560 - 4850 yuan/ton; Northwest market, 4580 - 4750 yuan/ton; South China market, 4498 - 4730 yuan/ton [1] - In the first half of October 2025, the CIF prices of frozen propane and butane in East China were 600 US dollars/ton (down 1 US dollar/ton) and 580 US dollars/ton (up 4 US dollars/ton) respectively, equivalent to 4690 yuan/ton (down 10 yuan/ton) and 4534 yuan/ton (up 30 yuan/ton) in RMB. In South China, the CIF prices of frozen propane and butane were 593 US dollars/ton (down 1 US dollar/ton) and 573 US dollars/ton (up 4 US dollars/ton) respectively, equivalent to 4636 yuan/ton (down 9 yuan/ton) and 4479 yuan/ton (up 30 yuan/ton) in RMB [1] Strategy - Unilateral: Moderately bullish with oscillations. Focus on the opportunity of going long on the PG main contract at low prices, but the expected space is limited [2] - Inter - delivery spread: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2]