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LPG早报-20250922
Yong An Qi Huo·2025-09-22 01:37

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The LPG market is expected to remain weak overall. The cheapest delivery location is Shandong, where the supply is abundant due to arriving resources, while the chemical demand is declining [1]. 3) Summary by Relevant Catalog Price Data and Changes - From September 15 - 19, 2025, prices of LPG in South China, East China, and Shandong showed different trends. South China increased from 4540 to 4650 (+100), East China decreased from 4504 to 4415 (-92), and Shandong remained at 4530 with a previous increase of 30. The price of Shandong ether - post - carbon four decreased from 4790 to 4700 (-60). The lowest delivery location is East China [1]. - On a daily basis, the PG main contract fluctuated strongly. The basis weakened to 51 (-74), the 10 - 11 spread was 49 (-20), and the 11 - 12 spread was 62 (+3). The number of warehouse receipts was 13002 (-6) [1]. - Ex - market prices rose. The FEI spread increased by 1, the MB spread remained unchanged, and the CP spread was -2.5. The internal - external price difference decreased slightly. PG - CP dropped to 75 (-3); PG - FEI dropped to 67.6 (-9.3). FEI - CP increased to 7.5 (+6.5). The US - Asia arbitrage window closed [1]. Market Conditions and Trends - Freight rates continued to rise. The latest freight from the US Gulf to Japan was 155 (+11), and from the Middle East to the Far East was 82 (+7). FEI - MOPJ was -41.5 (-6.5), and the naphtha crack spread strengthened [1]. - PDH - to - PP profits continued to weaken, and the production gross margins of alkylated oil and MTBE were low. The inflow to ports decreased, the outflow increased slightly, but demand narrowed, leading to an increase in both port and factory inventories [1]. - Chemical demand declined. The PDH operating rate was 70.49% (-2.61). Hebei Haiwei resumed operations, while Donghua Zhangjiagang and Ningbo Jinfafa were under maintenance and shut down, and Binhuaxin Material reduced its load. The operating rates of alkylation and MTBE both decreased [1].