供应充裕，下游观望为主

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The LPG market has certain short - term support but lacks further upward drivers. Without unexpected macro or supply - disruption events, price breakthrough space is limited, and the market will mainly move in a range. The market has shown resistance factors after a recent rebound, with abundant supply, high arrival volumes and port inventories. PDH profit has shrunk, and the overall operating rate has declined due to some device overhauls. [1] 3. Summary According to Related Catalogs Market Analysis - On September 18, regional prices were as follows: Shandong market 4500 - 4550 yuan/ton; Northeast market 3970 - 4380 yuan/ton; North China market 4350 - 4650 yuan/ton; East China market 4400 - 4550 yuan/ton; Yangtze River region market 4610 - 4750 yuan/ton; Northwest market 4550 - 4650 yuan/ton; South China market 4498 - 4690 yuan/ton. [1] - In the second half of October 2025, the CIF price of frozen propane in East China was 600 dollars/ton, down 5 dollars/ton, and butane was 582 dollars/ton, down 3 dollars/ton. In RMB terms, propane was 4695 yuan/ton, down 35 yuan/ton, and butane was 4555 yuan/ton, down 18 yuan/ton. In South China, the CIF price of frozen propane was 593 dollars/ton, down 5 dollars/ton, and butane was 575 dollars/ton, down 3 dollars/ton. In RMB terms, propane was 4641 yuan/ton, down 34 yuan/ton, and butane was 4500 yuan/ton, down 19 yuan/ton. [1] - In the spot market, prices in Shandong and the Yangtze River region decreased slightly yesterday, while other regions rebounded steadily with average trading volume and strong downstream wait - and - see sentiment. The external market price also declined. [1] Strategy - Unilateral: The market is expected to move in a range. Long positions established earlier can be appropriately liquidated at high prices. [2] - Inter - period: No strategy provided. [2] - Inter - commodity: No strategy provided. [2] - Spot - futures: No strategy provided. [2] - Options: No strategy provided. [2]