LPG早报-20250925

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The LPG market is expected to remain weak overall. The price in South China decreased mainly due to the impact of typhoons, which led to the near - stagnation of exports and some refineries reducing prices to clear inventories. The supply in Shandong is abundant due to incoming resources, and chemical demand has declined [1]. Group 3: Summary Based on Specific Information Price and Basis Information - From September 18 - 24, 2025, the prices of LPG in different regions showed fluctuations. For example, on September 24, South China was 4600, East China was 4387, and Shandong was 4550. The daily change on September 24 saw South China down 40, East China up 2, and Shandong unchanged. The basis of the PG main contract weakened to 51 (-74), and the 10 - 11 monthly spread was 49 (-20), 11 - 12 monthly spread was 62 (+3) [1]. Inventory and Demand Information - Port inventories and factory warehouses both increased as imports decreased and external sales slightly increased, but demand narrowed. Chemical demand declined, with the PDH operating rate at 70.49% (-2.61), and the operating rates of alkylation and MTBE also decreasing [1]. International Market Information - External market prices rose. FEI and CP changed little, with FEI at 549 (+1) and CP at 543 (+0) dollars/ton (as of 2:30 pm). The FEI monthly spread remained at 5 dollars, and the CP monthly spread was -2.5. The price difference between the domestic and international markets decreased slightly, and the US - Asia arbitrage window was closed [1].