液化石油气日报：供应充裕，市场氛围一般-20251105

Group 1: Report Industry Investment Rating - The investment rating for the single - side strategy is neutral, with a short - term focus on waiting and seeing. There are no specific ratings mentioned for cross - period, cross - variety, spot - futures, and options strategies [2] Group 2: Core View of the Report - The current LPG fundamentals remain weak. Supply is relatively abundant, with high overseas exports from the Middle East and North America and a slight domestic supply decline due to maintenance. Demand shows limited improvement in the combustion end and weak growth in deep - processing demand [1] Group 3: Market Analysis Summary - On November 4, regional prices were as follows: Shandong market, 4260 - 4370; Northeast market, 3630 - 4010; North China market, 4350 - 4450; East China market, 4150 - 4290; Yangtze River market, 4500 - 4730; Northwest market, 4080 - 4200; South China market, 4320 - 4430 [1] - In the first half of December 2025, the CIF prices of frozen propane and butane in East China decreased by 7 dollars/ton, equivalent to a 54 yuan/ton drop for propane and a 53 yuan/ton drop for butane in RMB terms. In South China, the CIF prices of frozen propane and butane also decreased by 7 dollars/ton, with corresponding RMB price drops of 54 yuan/ton for propane and 53 yuan/ton for butane [1] - In the spot market, prices in the Northeast, East China, and Yangtze River regions rose steadily, while other regions remained stable. Downstream buyers mostly purchased on demand, and the trading atmosphere was average [1]