液化石油气日报：现货大体持稳，市场驱动有限-20250925

Group 1: Report Industry Investment Rating - Unilateral strategy: Neutral; No strategies for inter - period, cross - variety, spot - futures, and options [2] Group 2: Core View of the Report - The PG futures market has shown a volatile downward trend, reflecting that the pattern of loose fundamentals has not reversed, and market expectations are weak. Spot prices in most regions remained stable, with only slight declines in the Northeast and Yangtze River regions. Due to abundant overseas supply and limited growth in domestic chemical demand, the market lacks continuous positive stimuli and faces significant upward resistance. After continuous corrections, the LPG basis has strengthened again, and the futures price is relatively low, so the downside space is expected to be limited [1] Group 3: Market Analysis - On September 24, regional prices were as follows: Shandong market, 4510 - 4570 yuan/ton; Northeast market, 4000 - 4310 yuan/ton; North China market, 4400 - 4650 yuan/ton; East China market, 4300 - 4550 yuan/ton; Yangtze River market, 4460 - 4700 yuan/ton; Northwest market, 4400 - 4500 yuan/ton; South China market, 4498 - 4750 yuan/ton [1] - In the second half of October 2025, the CIF prices of frozen propane and butane in East China were 601 US dollars/ton (up 3 US dollars/ton) and 588 US dollars/ton (up 3 US dollars/ton) respectively, equivalent to 4703 yuan/ton (up 25 yuan/ton) and 4601 yuan/ton (up 25 yuan/ton) in RMB. In South China, the CIF prices of frozen propane and butane were 594 US dollars/ton (up 3 US dollars/ton) and 581 US dollars/ton (up 3 US dollars/ton) respectively, equivalent to 4648 yuan/ton (up 25 yuan/ton) and 4546 yuan/ton (up 24 yuan/ton) in RMB [1] Group 4: Figures - Figures include those related to spot prices of civil LPG and ether - after carbon four in various regions, as well as closing prices, spreads, and trading volumes of PG futures contracts [3]