LPG早报-20251105

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The IPG main contract fluctuated upward. The domestic trading atmosphere is expected to improve, and prices may rise slightly, but the upward momentum may be limited due to the decline in CP official prices despite the positive impact of the China - US tariff agreement on FEI and MB [1] Group 3: Summary by Related Catalog Price Data - Daily Changes in Civil Gas and Ether - After Carbon Four: On Tuesday, for civil gas, the price in East China was 4315 (+18), in Shandong 4360 (+0), and in South China 4390 (-5). The price of ether - after carbon four was 4700 (+20). The lowest delivery location was East China, with a basis of 76 (+90), and the 12 - 01 monthly spread was 96 (+18). FEI was 503 (-15) and CP was 471 (-11) dollars/ton [1] - IPG Main Contract Data: The IPG main contract fluctuated upward. The basis was - 14 (+55), and the 12 - 01 monthly spread was 80 (-33). The cheapest delivery product was East China civil gas at 4279. Shandong was 4300 (-60), East China 4279 (+0), South China 4400 (-5), and Shandong ether - after carbon four was 4420 (-50). The number of warehouse receipts was 4194 hands (+1778) [1] - External Market and Related Price Data: External market prices rose, and the oil - gas ratio declined. The FEI monthly spread was - 5 dollars (-1.75), and the CP monthly spread was - 14.4 dollars (-6.4). The November CP official price dropped to 475/460 (-20/-15). The domestic and foreign PG - CP was 133 (-18.6). The US - Asia arbitrage window was closed. 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). FEI - MOPI was - 66.7 (-15.8) [1] Industry Conditions - Profit and Inventory: PDH profit decreased slightly, the profit of alkylation units declined significantly, and the production gross profit of MTBE changed little. Domestic production decreased, imports increased, and port inventories rebounded, but there is an expected increase in chemical demand [1] - Operating Rate and Equipment Status: The PDH operating rate was 73.85% (+2.6 pct). Next week, Binhu will undergo maintenance, while Lihuayi Weiyuan will increase production and Donghua Zhangjiagang will restart [1]