液化石油气日报：关税担忧缓解，11月CP价格继续下调-20251031

Group 1: Report Industry Investment Rating - The rating for unilateral trading is neutral, with a short - term recommendation of waiting and observing. There are no ratings for inter - period, cross - variety, spot - futures, and options trading [2] Group 2: Core Viewpoints - Concerns about tariffs have eased, and CP prices continued to decline in November. The 11 - month CP price announced by Saudi Aramco is slightly higher than expected, and the arrival cost is still supported. The PG market has shown a volatile and slightly stronger trend after stabilizing from the bottom. The suspension of the 24% tariff for another year has temporarily alleviated concerns in the LPG market. Currently, market contradictions are limited, and the market may continue to operate within a range [1] Group 3: Market Analysis Summary - On October 30, regional prices varied: Shandong market was 4220 - 4300 yuan/ton; Northeast market was 3630 - 4030 yuan/ton; North China market was 4100 - 4350 yuan/ton; East China market was 4150 - 4260 yuan/ton; Yangtze River market was 4550 - 4730 yuan/ton; Northwest market was 4150 - 4200 yuan/ton; South China market was 4250 - 4480 yuan/ton [1] - In the second half of November 2025, the arrival price of frozen propane in East China was 555 US dollars/ton, up 7 US dollars/ton, and butane was 540 US dollars/ton, down 8 US dollars/ton. In South China, propane was 550 US dollars/ton, up 7 US dollars/ton, and butane was 535 US dollars/ton, down 8 US dollars/ton [1] - The 11 - month CP price announced by Saudi Aramco: propane was 475 US dollars/ton, down 20 US dollars/ton from the previous month, and butane was 460 US dollars/ton, down 15 US dollars/ton from the previous month [1]