LPG早报-20251104
Yong An Qi Huo·2025-11-04 00:58

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The domestic trading atmosphere is expected to improve, and prices may rise slightly. However, the decline in CP official prices may limit the upward momentum of prices, despite the positive impact of the Sino - US tariff agreement on FEI and MB [1] Group 3: Summary by Related Content Price Changes - On Monday, for civil LPG, the price in East China was 4297 (+18), in Shandong 4360 (+60), and in South China 4395 (-5). The price of ether - post carbon four was 4680 (+260). The lowest delivery location was East China, with a basis of 4 (+57), and the 12 - 01 month spread was 100 (+24). FEI was 518 (+1), and CP was 483 (-5) dollars/ton [1] - The main contract of IPG fluctuated upward. The basis was - 14 (+55), and the 12 - 01 month spread was 80 (-33). The cheapest delivery product was civil LPG in East China at 4279. The price in Shandong was 4300 (-60), in East China 4279 (+0), and in South China 4400 (-5). The price of ether - post carbon four in Shandong was 4420 (-50). The number of warehouse receipts was 4194 (+1778) [1] - The outer - market price increased, and the oil - gas ratio decreased. The FEI month spread was - 5 (-1.75) dollars, and the CP month spread was - 14.4 (-6.4) dollars. The November CP official price dropped to 475/460 (-20/-15). The domestic and foreign PG - CP was 133 (-18); PG - FEI was 97 (-18.6). The US - Asia arbitrage window was closed. FEI - CP was 35.75 (+0.75). The arrival cost of propane in East China was 85 (+6) [1] Device Profits and Operating Rates - PDH profit decreased slightly, the profit of alkylation units declined significantly, and the production gross profit of MTBE changed little [1] - 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] Inventory and Demand - Domestic production decreased, imports increased, and port inventory rebounded, but there is an expected increase in chemical demand [1]