液化石油气日报：现货涨跌互现，市场驱动有限-20251121

1. Report Industry Investment Rating - Unilateral: Neutral, mainly wait - and - see in the short term [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - The LPG market has support currently, but the upward driving force may be limited. The PG futures market shows a volatile and slightly stronger trend under the background of rising external market prices and high - premium support for LPG arrival costs. The spot market has mixed price movements, with some areas in Shandong and North China seeing price cuts, while others remain stable. The overall market atmosphere is okay, and downstream buyers purchase as needed. Overseas supply is relatively abundant, domestic supply is decreasing due to maintenance, port inventories are decreasing, and demand shows an increasing trend in the combustion end with the arrival of winter, while the chemical end demand is relatively stable but profit factors limit the growth space of industry operating rates and raw material demand [1]. 3. Summary by Relevant Content Market Analysis - On November 20th, regional prices were as follows: Shandong market, 4260 - 4400; Northeast market, 4040 - 4150; North China market, 4250 - 4400; East China market, 4170 - 4350; Yangtze River market, 4510 - 4810; Northwest market, 4300 - 4350; South China market, 4250 - 4450 [1]. - In the second half of December 2025, the CIF price of propane in East China was 567 US dollars/ton, down 1 US dollar/ton, and butane was 557 US dollars/ton, down 3 US dollars/ton. In RMB terms, propane was 4426 yuan/ton, down 5 yuan/ton, and butane was 4348 yuan/ton, down 20 yuan/ton. In South China, the CIF price of propane was 559 US dollars/ton, down 3 US dollars/ton, and butane was 549 US dollars/ton, down 5 US dollars/ton. In RMB terms, propane was 4364 yuan/ton, down 20 yuan/ton, and butane was 4285 yuan/ton, down 36 yuan/ton [1]. Strategy - Unilateral: Neutral, mainly wait - and - see in the short term [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] Figures - Figures related to LPG spot prices in different regions (Shandong, East China, South China, North China, Northeast, Yangtze River) and ether - post carbon four spot prices in different regions (Shandong, East China, North China, Northeast, Yangtze River, Northwest), as well as PG futures prices (main contract, index, near - month contract), spreads, and trading volume and open interest are provided [3].