液化石油气日报：市场压力仍存，节后盘面消化利空-20251010

Report Industry Investment Rating - Unilateral: Neutral to bearish, short the PG main contract on rallies [2] Core Viewpoints - The LPG market still faces pressure, and the post - holiday market may gradually digest negative factors. Attention should be paid to the improvement of downstream chemical profit and demand after the reduction of the CP cost center [1] Market Analysis - Regional Prices on October 9: Shandong market: 4520 - 4560; Northeast market: 4020 - 4280; North China market: 4350 - 4600; East China market: 4260 - 4630; Yangtze River market: 4590 - 4830; Northwest market: 4400 - 4500; South China market: 4548 - 4750 [1] - November 2025 Prices: In East China, propane CIF price is 540 USD/ton (down 8 USD/ton), butane is 520 USD/ton (down 15 USD/ton), equivalent to RMB propane 4227 yuan/ton (down 60 yuan/ton), butane 4070 yuan/ton (down 115 yuan/ton). In South China, propane CIF price is 535 USD/ton (down 6 USD/ton), butane is 515 USD/ton (down 13 USD/ton), equivalent to RMB propane 4188 yuan/ton (down 44 yuan/ton), butane 4031 yuan/ton (down 99 yuan/ton) [1] - Market Performance: On the previous day, the domestic LPG futures dropped significantly, with the main contract PG2511 down 5.19% at the afternoon close. In the spot market, prices in the Northwest region decreased, while other regions remained stable. The market was mild, and upstream sales were acceptable [1] - Supply Situation: Overseas supply remained abundant with potential for further growth. Domestic commodity supply fluctuated slightly but overall remained abundant [1] - Demand Situation: Recently, with the temperature drop, downstream users in the combustion sector actively entered the market. There was limited change in the deep - processing sector [1] Strategy - Unilateral: Neutral to bearish, short the PG main contract on rallies [2] - Inter - period: None [2] - Inter - variety: None [2] - Futures - cash: None [2] - Options: None [2]