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LPG早报-20250924
Yong An Qi Huo·2025-09-24 00:50

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The LPG market is expected to remain weak overall. The decline in South China prices is mainly due to the impact of the typhoon, which led to the near - stagnation of exports and some refineries reducing prices to clear inventories. With an increase in port and factory inventories, a decline in chemical demand, and sufficient supply in Shandong, the market is under pressure [1]. 3) Summary by Relevant Contents Price Changes - Domestic Spot Prices: On Tuesday, the low - end price in East China was 4385 (+0), in Shandong it was 4550 (+0), and in South China it was 4600 (-40). The price of ether - after carbon four was 4670 (-10). The South China price decrease was due to the typhoon impact [1]. - International Prices: FEI and CP changed little. As of 2:30 pm, FEI was 549 (+1) and CP was 543 (+0) dollars/ton. The FEI monthly spread remained at 5 dollars, and the CP monthly spread was - 11 [1]. - Futures Prices: The PG main contract fluctuated strongly. The cheapest deliverable was Shandong civil gas at 4500. The basis weakened to 51 (-74), the 10 - 11 monthly spread was 49 (-20), and the 11 - 12 monthly spread was 62 (+3) [1]. Market Indicators - Basis and Spread: The basis of the lowest delivery area in East China was 60 (+19), and the 10 - 11 monthly spread was 70 (+0). The internal - external price difference decreased slightly. The PG - CP was 75 (-3), the PG - FEI was 67.6 (-9.3), and the FEI - CP was 7.5 (+6.5) [1]. - Warehouse Receipts: There were 13002 warehouse receipts (-6), with Shanghai Yuchi decreasing by 1 and Donghua decreasing by 5 [1]. - Freight: Freight continued to rise. The freight from the US Gulf to Japan was 155 (+11), and from the Middle East to the Far East was 82 (+7) [1]. Supply and Demand - Supply: Incoming shipments decreased, and external shipments increased slightly, but demand narrowed, leading to an increase in both port and factory inventories [1]. - Demand: Chemical demand declined. The PDH operating rate was 70.49% (-2.61). The operating rates of alkylation and MTBE also decreased [1].