LPG早报-20250912

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The spot market is weak, with slight declines in Shandong's civil LPG and ether - post carbon four. The market is expected to be mainly volatile as the combustion off - season is nearing its end, but demand remains weak, and supply in the cheapest delivery area (East China) is expected to increase slightly with no substantial improvement in demand [1] Group 3: Summary According to Related Data Spot Market - Spot market is weak, with East China's low - end price at 4507 (+0), Shandong at 4500 (-20), and South China at 4590 (+0). Ether - post carbon four is at 4800 (+0). The lowest delivery area has shifted to Shandong [1] Futures Market - The PG main contract fluctuates. The cheapest deliverable is East China's civil LPG at 4501. The basis strengthens to 125 (+55), and the 10 - 11 month spread is 69 (-18). The registered warehouse receipt volume is 13008 lots (-199) [1] International Market - External prices are differentiated. FEI, CP, and MB month spreads fluctuate and strengthen. The internal - external price difference declines. The freight rate drops slightly. The Panama Canal waiting time for VLGCs significantly decreases [1] Industry Data - Port inventory changes little, refinery commercial volume drops by 3.01%, and PDH operating rate is 73.10% (+0.08pct). Next week, Ningbo Jinfa will shut down, while Hebei Haiwei and Wanhua Yantai will resume operations [1]