LPG数据日报-20251205

Report Industry Investment Rating - There is no information about the report's industry investment rating provided in the content. 2. Core Viewpoint of the Report - The LPG futures contract's closing price increased by 28 yuan/ton to 4317 yuan/ton, a 0.65% rise. The national LPG market price went up, with the average price reaching 4360 yuan/ton, a 0.44% increase from the previous workday. The LPG market is expected to operate in a range - bound manner [3]. 3. Summary by Relevant Catalog 3.1 Market Overview - The international LPG market showed a trend of rising first and then falling this week, but the overall price center shifted upward. The non - US supply was tight while market buying interest remained strong. The Middle East's January shipment negotiations were active, and the demand was firm. The Far - East arbitrage window in the European and American markets was still open, but buying interest weakened due to shrinking arbitrage. In the Far - East market, LPG prices rose first and then fell. In the shipping market, freight rates from the Middle East to the Far East and from the US Gulf of Mexico to the Far East both increased slightly [3]. 3.2 Regional Market Conditions 3.2.1 East China Region - The average price of the civil LPG market increased by 13 yuan/ton to 4360 yuan/ton, a 0.30% increase. The market in East China mainly rose this week. The release of December CP last week increased the import cost, supporting the sentiment of upstream and downstream. The refinery supply in Shanghai and Jiangsu decreased, and the overall supply showed an obvious narrowing trend. Chemical demand increased slightly, and downstream enthusiasm for entering the market was strong. The import cost increased, but the price increase of imported gas was less than that of domestic gas [3]. 3.2.2 South China Region - The average price of the civil LPG market increased by 25 yuan/ton to 4360 yuan/ton, a 0.58% increase. The LPG market in South China rose across the board this week. Supply tightness and cost increase were the main supporting factors. For civil gas, terminals led the price increase. Due to delayed ship arrivals, some terminal inventories were low, and importers continuously raised prices. Refineries quickly followed suit. For industrial gas, the supply pressure of refineries was relieved, and the prices also increased [3]. 3.2.3 Shandong Region - The average price of the civil LPG market increased by 10 yuan/ton to 4460 yuan/ton, a 0.22% increase, and the average price of ether - post - carbon - four increased by 6 yuan/ton to 4281 yuan/ton. The civil LPG market in Shandong first remained stable and then rose, reaching a high in nearly two months. The increase in CP led to an obvious rise in import costs, driving up the price of related propane and slightly improving the profitability of downstream chemical plants [3]. 3.3 Price and Spread - Futures prices: The closing price of the main LPG futures contract increased by 28 yuan/ton to 4317 yuan/ton, a 0.65% increase; the settlement price increased by 19 yuan/ton to 4301 yuan/ton, a 0.44% increase. - Inter - month spreads: The spreads between different LPG contracts showed different changes, such as PG2601 - PG2602 being - 15 yuan/ton (down from 96 yuan/ton), and PG2601 - PG2603 being 229 yuan/ton (down 10 yuan/ton). - Cross - variety spreads: For example, PG - 7.33*SC was 999.44 yuan/ton, a 0.50% decrease [3]. 3.4 Cost and Profit - The production cost of PDH - made propylene was 6392 yuan/ton, a 0.06% decrease; the production cost of PDH - made PP was 7575.55 yuan/ton, a 0.79% increase. The production profit of PDH - made propylene was - 397 yuan/ton, a 0.25% decrease; the production profit of PDH - made PP was - 1252.22 yuan/ton, a 7.35% decrease [3]. 3.5 Other Information - Freight rates: Freight rates for different shipping routes remained unchanged. - Exchange - rate and interest - rate: The US dollar index decreased by 0.46%, and SHIBOR - overnight remained basically unchanged at 1.3020% [3].