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液化石油气日报：节前卖方排库，下游逢低补货-20250930
Hua Tai Qi Huo·2025-09-30 05:23

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [2] Core Viewpoints - The mainstream price of LPG remains stable. Before the holiday, the demand is mainly for essential needs. Sellers focus on inventory reduction, and downstream buyers purchase as needed. The overseas supply remains abundant, and the domestic supply also maintains an overall abundant state. The increase in the demand of the combustion terminal is lower than expected, and the growth of deep - processing is limited by profit factors. The overall supply - demand pattern of LPG is relatively loose, and there is strong resistance in the market. After continuous corrections, it is expected that the short - term downward space of the futures market is limited, but it lacks the impetus to strengthen [1] Market Analysis - On September 29, the regional prices were as follows: Shandong market: 4,550 - 4,600 yuan; Northeast market: 4,020 - 4,280 yuan; North China market: 4,400 - 4,650 yuan; East China market: 4,210 - 4,630 yuan; Yangtze River region market: 4,590 - 4,830 yuan; Northwest market: 4,400 - 4,500 yuan; South China market: 4,548 - 4,750 yuan [1] - In the second half of October 2025, the CIF price of frozen propane in East China, China was 595 US dollars/ton, up 2 US dollars/ton, and butane was 582 US dollars/ton, up 2 US dollars/ton. In RMB terms, propane was 4,657 yuan/ton, up 12 yuan/ton, and butane was 4,555 yuan/ton, up 12 yuan/ton. In South China, the CIF price of frozen propane was 588 US dollars/ton, up 2 US dollars/ton, and butane was 575 US dollars/ton, up 2 US dollars/ton. In RMB terms, propane was 4,602 yuan/ton, up 12 yuan/ton, and butane was 4,500 yuan/ton, up 12 yuan/ton [1] Figures - Figures include the spot prices of civil LPG in Shandong, East China, South China, North China, Northeast, and the Yangtze River region; the spot prices of ether - post - carbon - four in Shandong, East China, North China, Northeast, the Yangtze River region, and Northwest; the closing prices of PG futures' main contract, index, and near - month contract; the near - month spread of PG futures; and the trading volume and open interest of PG futures' main contract and total [3]