Report Summary 1. Report Industry Investment Rating - Not provided in the documents 2. Core View of the Report - LPG market sentiment has marginally improved recently, with the external market price rebounding continuously and the PG futures showing a volatile and upward - trending pattern. However, the market is currently in a state with support at the bottom but limited upward drivers. The short - term fundamentals are acceptable, yet the global oversupply situation remains unchanged, and the medium - to - long - term outlook is still weak. As the LPG price rebounds, PDH profits shrink again, and the device operating rate has dropped to around 70% this week, creating resistance in the market [1]. 3. Summary by Related Content Market Analysis - On September 11, the regional prices were as follows: Shandong market, 4450 - 4530 yuan/ton; Northeast market, 3990 - 4260 yuan/ton; North China market, 4300 - 4650 yuan/ton; East China market, 4450 - 4620 yuan/ton; Yangtze River market, 4560 - 4850 yuan/ton; Northwest market, 4580 - 4705 yuan/ton; South China market, 4498 - 4690 yuan/ton [1]. - In the first half of October 2025, the CIF price of frozen propane in East China was 605 US dollars/ton, up 5 US dollars/ton, and butane was 585 US dollars/ton, up 5 US dollars/ton. In RMB terms, propane was 4733 yuan/ton, up 43 yuan/ton, and butane was 4577 yuan/ton, up 43 yuan/ton. In South China, the CIF price of frozen propane was 598 US dollars/ton, up 5 US dollars/ton, and butane was 578 US dollars/ton, up 5 US dollars/ton. In RMB terms, propane was 4678 yuan/ton, up 42 yuan/ton, and butane was 4522 yuan/ton, up 43 yuan/ton [1]. - Yesterday, the prices in Shandong and South China dropped, while the mainstream transaction price in the East China civil gas market remained stable with a fair sales atmosphere [1]. Strategy - Unilateral: The market is expected to be volatile and upward - trending. There are opportunities to go long on the PG main contract on dips, but the expected upside space is limited. No strategies are provided for inter - period, inter - variety, spot - futures, and options [2].
液化石油气日报:PDH装置开工率回落-20250912
Hua Tai Qi Huo·2025-09-12 05:35