液化石油气日报：市场缺乏利好，供过于求格局延续-20251021

1. Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and observing [2] 2. Core View of the Report - The LPG market still faces resistance after a rebound, and the external market price has declined again. The domestic mainstream price dropped, downstream buyers showed strong wait - and - see sentiment, and the trading atmosphere was light. Overseas supply is relatively abundant with potential for further growth, and domestic supply remains ample. With the recent temperature drop, the combustion end makes purchases at low prices, and the change in deep - processing demand is limited. After the October CP price cut and the decline in import costs, chemical profits are expected to improve marginally, and the price advantage of LPG over naphtha may provide some support for the market [1] 3. Summary by Relevant Catalogs Market Analysis - On October 20, regional prices were as follows: Shandong market, 4050 - 4090; Northeast market, 3910 - 4210; North China market, 4050 - 4450; East China market, 4155 - 4260; Yangtze River market, 4470 - 4730; Northwest market, 4100 - 4200; South China market, 4390 - 4498 [1] - In the second half of November 2025, the CIF price of frozen propane in East China was 529 US dollars/ton, down 10 US dollars/ton, and butane was 534 US dollars/ton, down 10 US dollars/ton. In RMB terms, propane was 4133 yuan/ton, down 77 yuan/ton, and butane was 4172 yuan/ton, down 77 yuan/ton. In South China, the CIF price of frozen propane was 523 US dollars/ton, down 10 US dollars/ton, and butane was 528 US dollars/ton, down 10 US dollars/ton. In RMB terms, propane was 4086 yuan/ton, down 77 yuan/ton, and butane was 4125 yuan/ton, down 77 yuan/ton [1] Strategy - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2]