液化石油气日报：供应维持充裕，盘面窄幅震荡-20251107

Report Summary 1. Report Industry Investment Rating - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: None [2] - Inter - variety: None [2] - Futures - spot: None [2] - Options: None [2] 2. Core View - The LPG market has a relatively loose fundamental situation. The supply is abundant, with overseas supply remaining high in the Middle East and North America, and domestic supply slightly decreasing due to maintenance but still remaining sufficient. The demand improvement is limited, with marginal improvement in combustion - end demand and insufficient growth momentum in deep - processing demand. The weak performance of the ether - post - carbon - four market may potentially suppress the market [1]. 3. Summary of Related Content Market Analysis - On November 6, the regional prices were as follows: Shandong market 4240 - 4370 yuan/ton; Northeast market 3630 - 4050 yuan/ton; North China market 4270 - 4450 yuan/ton; East China market 4200 - 4400 yuan/ton; Yangtze River market 4560 - 4730 yuan/ton; Northwest market 4070 - 4100 yuan/ton; South China market 4400 - 4460 yuan/ton [1]. - In the first half of December 2025, the CIF prices of propane and butane in East China were 538 and 537 dollars/ton respectively, down 10 and 9 dollars/ton, equivalent to 4197 and 4189 yuan/ton respectively, down 80 and 73 yuan/ton. In South China, the prices of propane and butane were 532 and 531 dollars/ton respectively, down 11 and 10 dollars/ton, equivalent to 4150 and 4143 yuan/ton respectively, down 88 and 80 yuan/ton [1]. - In the spot market, prices in East and South China rose, while other regions remained stable. Overall sales were okay, supply was abundant, and procurement was cautious. The external market price fell again, and the market continued to fluctuate weakly [1]. Strategy - Unilateral: Maintain a neutral stance and wait and see in the short term [2]. - Inter - period, inter - variety, futures - spot, and options: No strategies recommended [2].