液化石油气日报：盘面低位反弹，到港压力仍存-20251015

Group 1: Report Investment Rating - The unilateral strategy for LPG is cautiously bearish, suggesting that previous short positions can be appropriately closed for profit, and short - term observation is recommended. There are no specific strategies for inter - period, cross - variety, spot - futures, and options trading [2] Group 2: Core View - After continuous declines, the LPG futures market has stabilized and rebounded. However, spot prices in various regions mainly declined yesterday. The overall supply - demand pattern of LPG remains loose, with abundant overseas supply and high exports from the Middle East and North America, which may further increase in the future. Downstream demand is less elastic than supply due to profit factors. There is still pressure in the LPG market. If the price drop drives the repair of chemical profits and increases buying, it may form new support. But considering the new uncertainties brought by the US tariff threat, short - term caution is advised [1] Group 3: Market Analysis Summary Regional Spot Prices - On October 14, the regional prices were as follows: Shandong market, 4410 - 4470 yuan/ton; Northeast market, 3940 - 4360 yuan/ton; North China market, 4300 - 4550 yuan/ton; East China market, 4200 - 4480 yuan/ton; Yangtze River market, 4670 - 4890 yuan/ton; Northwest market, 4200 - 4300 yuan/ton; South China market, 4498 - 4550 yuan/ton [1] Imported Gas Prices - In the first half of November 2025, the CIF prices of refrigerated propane and butane in East China were 530 US dollars/ton and 510 US dollars/ton respectively, down 2 US dollars/ton each, equivalent to 4144 yuan/ton and 3988 yuan/ton in RMB, down 15 yuan/ton and 14 yuan/ton respectively. In South China, the CIF prices of propane and butane were 524 US dollars/ton and 504 US dollars/ton respectively, down 3 US dollars/ton each, equivalent to 4097 yuan/ton and 3941 yuan/ton in RMB, down 23 yuan/ton and 22 yuan/ton respectively [1]