LPG早报-20251103

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The IPG main contract fluctuated upward with an expected improvement in the domestic trading atmosphere and a possible slight price increase, but the upward momentum may be limited due to the decline in CP official prices despite the positive impact of the Sino - US tariff agreement on FEI and MB [1] - PDH profit slightly decreased, alkylation unit profit significantly declined, and MTBE production gross profit changed little [1] - Domestic production decreased, imports increased, port inventories rebounded, but there is an expected growth in chemical demand [1] Group 3: Summary According to Related Data Price Data - Liquefied Petroleum Gas (LPG): On Friday, in the civil gas market, the price in East China was 4279 (-6), in Shandong was 4300 (+20), and in South China was 4400 (+0). The price of ether - post carbon four was 4420 (+50). The lowest delivery location was Shandong with a basis of - 14 (+55), and the 12 - 01 month spread was 80 (-33) [1] - External Market Prices: FEI was 508 (-4), CP was 472.6 (-1.7) dollars/ton. FEI month spread was - 5 dollars (-1.75), CP month spread was - 14.4 dollars (-6.4). The 11 - month CP official price dropped to 475/460 (-20/-15). The internal and external PG - CP was 133 (-18.6). The FEI - CP was 35.75 (+0.75). The East China propane arrival discount was 85 (+6). The freight from the US Gulf to Japan was 129 (+13), and from the Middle East to the Far East was 68 (+12). The FEI - MOPI was - 66.7 (-15.8) [1] Inventory and Production Data - Port Inventory: Domestic production decreased, imports increased, and port inventories rebounded [1] - PDH开工率: The PDH operating rate was 73.85% (+2.6 pct). Next week, Binhuahua will undergo maintenance, but Lihuayi Weiyuan will increase production and Donghua Zhangjiagang will restart [1] Warehouse Receipt Data - The number of warehouse receipts was 4194 lots (+1778), including 2300 from Wanhua, 1628 (+1628) from Jingbo, 150 (+150) from Ouhua, 64 from Yunda, and 52 from Haiyu Petrochemical [1]