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液化石油气日报：现货涨跌互现，氛围良好-20250917
Hua Tai Qi Huo·2025-09-17 02:55
  1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The recent LPG futures market has shown a volatile and upward - trending pattern, with a recent pullback in line with expectations. The spot market is relatively stable, with prices fluctuating both up and down, and the trading atmosphere is favorable. The downstream mainly purchases according to demand. The global oversupply situation remains unchanged, and the medium - to - long - term outlook for LPG is still weak. As the LPG procurement cost rebounds, PDH profit has shrunk again, and the plant operating rate has dropped to around 70%, indicating resistance in the market. Without unexpected macro or supply - disruption events, the price increase space may be limited [1]. - For trading strategies, the unilateral strategy suggests a volatile and upward - trending market. Traders should look for opportunities to go long on the PG main contract at low prices, and existing long positions can be appropriately liquidated at high prices. There are no specific strategies for inter - period, inter - commodity, spot - futures, and options trading [2]. 3. Summary by Relevant Catalogs Market Analysis - On September 16, the regional prices were as follows: Shandong market, 4520 - 4550 yuan/ton; Northeast market, 4000 - 4330 yuan/ton; North China market, 4350 - 4650 yuan/ton; East China market, 4450 - 4620 yuan/ton; Yangtze River market, 4610 - 4850 yuan/ton; Northwest market, 4550 - 4650 yuan/ton; South China market, 4448 - 4640 yuan/ton [1]. - In the first half of October 2025, the CIF prices of frozen propane and butane in East China were stable at 603 US dollars/ton and 583 US dollars/ton respectively, equivalent to 4717 yuan/ton and 4561 yuan/ton in RMB. In South China, the CIF prices of frozen propane and butane were also stable at 596 US dollars/ton and 576 US dollars/ton respectively, equivalent to 4662 yuan/ton and 4506 yuan/ton in RMB [1]. Strategy - Unilateral: Volatile and upward - trending. Look for opportunities to go long on the PG main contract at low prices, and existing long positions can be appropriately liquidated at high prices [2]. - Inter - period: None [2]. - Inter - commodity: None [2]. - Spot - futures: None [2]. - Options: None [2].