LPG：节中外盘弱势运行，丙烯：节中现货止跌反弹

Group 1: Report Overview - The report is about LPG (Liquefied Petroleum Gas) and propylene, released on October 9, 2025 [1] Group 2: Industry Investment Rating - Not provided in the given content Group 3: Core Viewpoints - During the holiday, the external LPG market showed weak performance, while the propylene spot price stopped falling and rebounded [1][2] Group 4: Fundamental Tracking Futures Prices - PG2511 closed at 4,237 with a daily decline of 1.30%; PG2512 closed at 4,159 with a daily decline of 1.14%; PL2601 closed at 6,320 with a daily decline of 0.71%; PL2602 closed at 6,374 with a daily decline of 0.25% [2] Positions and Trading Volumes - PG2511 had a trading volume of 74,352 (an increase of 12,604 from the previous day) and a position of 64,900 (a decrease of 5,947 from the previous day); PG2512 had a trading volume of 19,311 (an increase of 5,078 from the previous day) and a position of 46,407 (an increase of 1,440 from the previous day); PL2601 had a trading volume of 2,996 (a decrease of 291 from the previous day) and a position of 12,100 (a decrease of 296 from the previous day); PL2602 had a trading volume of 54 (an increase of 34 from the previous day) and a position of 606 (a decrease of 22 from the previous day) [2] Spreads - On September 30, the spread between Guangzhou domestic gas and the PG11 contract was 313 (compared to 257 on September 29); the spread between Guangzhou imported gas and the PG11 contract was 443 (compared to 367 on September 29); the spread between Shandong propylene and the PL01 contract was 85 (compared to 70 on September 29); the spread between East China propylene and the PL01 contract was -20 (compared to -40 on September 29); the spread between South China propylene and the PL01 contract was -45 (compared to -90 on September 29) [2] Key Industrial Chain Data - The PDH (Propane Dehydrogenation) operating rate this week (September 26) was 69.5%, up from 64.6% last week (September 19); the MTBE (Methyl Tert - Butyl Ether) operating rate was 64.2%, up from 63.6% last week; the alkylation operating rate was 47.4%, the same as last week [2] Group 5: Trend Intensity - The trend intensity of LPG is 0, and that of propylene is 0, indicating a neutral view [5] Group 6: Market Information CP Paper Goods Prices - On October 8, 2025, the November CP paper goods price for propane was 474 dollars/ton, up 1 dollar/ton from the previous trading day; the price for butane was 468 dollars/ton, up 4 dollars/ton from the previous trading day. The December CP paper goods price for propane was 483 dollars/ton, up 1 dollar/ton from the previous trading day [6] Domestic PDH Device Maintenance Plans - Multiple companies have PDH device maintenance plans, including Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., with different maintenance start and end times [7] Domestic LPG Factory Device Maintenance Plans - Many production enterprises have device maintenance plans, such as Zhenghe Petrochemical, Huaxing Petrochemical, etc., with different maintenance durations and affected production volumes [7]