LPG早报-20251106

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The domestic trading atmosphere is expected to improve, and prices may rise slightly. However, the downward trend of CP official prices may limit the upward momentum of prices, despite the positive impact of the settlement of Sino - US tariffs on FEI and MB [1] Group 3: Summary by Related Catalogs Price and Basis - Daily price changes: In the civil gas market, prices in East China were 4341 (+26), in Shandong 4360 (+0), and in South China 4390 (+0). The price of ether - post - carbon four was 4610 (-90). The lowest delivery location was East China, with a basis of 110 (+38), and the 12 - 01 month spread was 76 (-4). FEI was 494 (-10) and CP was 466 (-12) dollars per ton [1] - IPG contract situation: The main IPG contract fluctuated upward. The basis was - 14 (+55), and the 12 - 01 month spread was 80 (-33). The cheapest delivery product was East China civil gas at 4279. Shandong's price was 4300 (-60), East China's was 4279 (+0), South China's was 4400 (-5), and Shandong's ether - post - carbon four was 4420 (-50). The number of warehouse receipts was 4194 (+1778) [1] External Market and Spread - External market price changes: External market prices rose, and the oil - gas ratio declined. 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 spread was 133 (-18.6), and the US - Asia arbitrage window was closed. The FEI - CP spread was 35.75 (+0.75). The arrival discount of propane in East China 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 latest FEI - MOPI was - 66.7 (-15.8) [1] Profit and Demand - Profit situation: PDH profit decreased slightly, the profit of alkylation units declined significantly, and the production gross profit of MTBE changed little [1] - Supply, demand and inventory: Domestic production decreased, imports increased, and port inventories rebounded. However, there was an expected increase in chemical demand. The PDH operating rate was 73.85% (+2.6 pct). Next week, Binhua will undergo maintenance, but Lihuayi Weiyuan will increase production, and Donghua Zhangjiagang will restart [1]