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液化石油气日报:LPG供需格局仍偏宽松,盘面显著回调-20250923
Hua Tai Qi Huo·2025-09-23 05:19

Report Summary 1. Industry Investment Rating - Unilateral: Neutral - Inter - period: None - Cross - variety: None - Spot - futures: None - Options: None [2] 2. Core View - The supply - demand pattern of LPG remains relatively loose, and the futures market has significantly corrected. Although the market sentiment has improved with the marginal improvement of fundamentals and the rebound of external prices, the supply - demand pattern has not reversed. Overseas supply is abundant, and China's LPG arrivals and port inventories are high. After the increase in raw material costs, downstream chemical profits are under pressure again, and demand shows signs of a slight decline. The market may enter a range - bound state after adjustment [1]. 3. Summary by Related Content Market Analysis - On September 22, regional prices were as follows: Shandong market, 4520 - 4570 yuan/ton; Northeast market, 3970 - 4330 yuan/ton; North China market, 4350 - 4650 yuan/ton; East China market, 4300 - 4550 yuan/ton; Yangtze River region market, 4460 - 4700 yuan/ton; Northwest market, 4500 - 4655 yuan/ton; South China market, 4548 - 4750 yuan/ton [1]. - In the second half of October 2025, the CIF prices of frozen LPG in East China were propane at 597 US dollars/ton (down 1 US dollar/ton) and butane at 584 US dollars/ton (down 1 US dollar/ton), equivalent to 4673 yuan/ton (down 10 yuan/ton) for propane and 4572 yuan/ton (down 9 yuan/ton) for butane in RMB. In South China, propane was 590 US dollars/ton (down 1 US dollar/ton) and butane was 577 US dollars/ton (down 1 US dollar/ton), equivalent to 4619 yuan/ton (down 9 yuan/ton) for propane and 4517 yuan/ton (down 9 yuan/ton) for butane in RMB [1].