液化石油气日报：中东9月LPG发货量显著增加-20250924

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Inter - variety: None; Futures - spot: None; Options: None [2] Core View of the Report - PG's futures price significantly retraced after reaching 4,500 yuan/ton, reflecting that the supply - demand pattern of LPG has not substantially reversed, and overseas supply remains abundant. The LPG shipment volume from the Middle East increased significantly in September. Although there is significant resistance above the market, the basis strengthened again after consecutive retracements, and the futures price is relatively low, so the downside space is expected to be limited [1] Summary by Related Catalogs Market Analysis - On September 23, the regional prices were as follows: Shandong market 4,510 - 4,570 yuan/ton; Northeast market 3,970 - 4,330 yuan/ton; North China market 4,350 - 4,650 yuan/ton; East China market 4,300 - 4,550 yuan/ton; Yangtze River region market 4,460 - 4,750 yuan/ton; Northwest market 4,500 - 4,605 yuan/ton; South China market 4,498 - 4,750 yuan/ton [1] - In the second half of October 2025, the CIF prices of frozen propane and butane in East China were 598 dollars/ton and 585 dollars/ton respectively, both up 1 dollar/ton, equivalent to 4,678 yuan/ton and 4,576 yuan/ton in RMB, up 5 yuan/ton and 4 yuan/ton respectively. In South China, the CIF prices of frozen propane and butane were 591 dollars/ton and 578 dollars/ton respectively, both up 1 dollar/ton, equivalent to 4,623 yuan/ton and 4,522 yuan/ton in RMB, up 4 yuan/ton and 5 yuan/ton respectively [1] - The LPG shipment volume from the Middle East in September is expected to be 5.16 million tons, a month - on - month increase of 1.16 million tons and a year - on - year increase of 1.37 million tons [1]