液化石油气日报：现货涨跌互现，市场氛围平淡-20251022

Group 1: Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and observing; no suggestions for inter - period, cross - variety, spot - futures, and options strategies [2] Group 2: Core View of the Report - The domestic LPG spot prices showed a mixed trend, with the cooling expectation driving downstream procurement but the trading atmosphere remaining dull. Overseas supply is relatively abundant and may further increase, while domestic commodity supply fluctuates slightly and remains generally abundant. With the cooling in China, the combustion - end consumption has marginally improved, and downstream buyers purchase at low prices, but the chemical - end demand is average. The LPG market still faces pressure, but the continuous decline in CP prices may drive chemical profit repair and increase buying, forming new support. Also, the extremely low price difference between LPG and naphtha may lead to some raw material switching in cracking units, providing certain support to the LPG market. Due to the uncertainty of the Sino - US tariff negotiation results, short - term caution is recommended [1] Group 3: Summary by Related Catalog Market Analysis - On October 21, the regional prices were as follows: Shandong market, 4190 - 4250; Northeast market, 3830 - 4210; North China market, 4050 - 4270; East China market, 4150 - 4260; Yangtze River market, 4370 - 4630; Northwest market, 4100 - 4200; South China market, 4350 - 4480 [1] - In the second half of November 2025, the CIF prices of frozen propane and butane in East China were 528 dollars/ton and 533 dollars/ton respectively, both down 1 dollar/ton, equivalent to 4123 yuan/ton and 4162 yuan/ton respectively, both down 10 yuan/ton. In South China, the CIF prices of frozen propane and butane were 522 dollars/ton and 527 dollars/ton respectively, both down 1 dollar/ton, equivalent to 4076 yuan/ton and 4115 yuan/ton respectively, both down 10 yuan/ton [1]