LPG：仓单压制，盘面下挫，丙烯：现货弱势运行

1. Report Title and Date - The report is titled "LPG: Warehouse Receipts Weighing on Futures, Propylene: Spot Market Weak" and is dated December 24, 2025 [1][2] 2. Core View - The LPG futures market is being pressured by warehouse receipts, leading to a decline in the futures price. The propylene spot market is operating weakly. [1][2] 3. Fundamental Data 3.1 Futures Prices - PG2601 closed at 4,185 with a daily decline of 2.22% and a night - session close of 4,184 with a decline of 0.02%. - PG2602 closed at 4,031 with a daily decline of 2.28% and a night - session close of 4,070 with an increase of 0.97%. - PL2601 closed at 5,924 with a daily increase of 0.65% and a night - session close of 5,945 with an increase of 0.35%. - PL2602 closed at 5,641 with a daily decline of 0.72% and a night - session close of 5,661 with an increase of 0.35%. - PL2603 closed at 5,632 with a daily decline of 0.27% and a night - session close of 5,652 with an increase of 0.36%. [2] 3.2 Trading Volume and Open Interest - PG2601 had a trading volume of 7,907 (an increase of 210 from the previous day) and an open interest of 5,015 (a decrease of 2,887 from the previous day). - PG2602 had a trading volume of 118,968 (an increase of 40,066 from the previous day) and an open interest of 74,858 (a decrease of 10,633 from the previous day). - PL2601 had a trading volume of 220 (a decrease of 81 from the previous day) and an open interest of 1,101 (a decrease of 76 from the previous day). - PL2602 had a trading volume of 10,773 (a decrease of 10,842 from the previous day) and an open interest of 7,902 (an increase of 89 from the previous day). - PL2603 had a trading volume of 25,172 (a decrease of 17,260 from the previous day) and an open interest of 18,284. [2] 3.3 Price Spreads - The spread between Guangzhou domestic gas and the PG01 contract was 295 (previous day: 200). - The spread between Guangzhou imported gas and the PG01 contract was 375 (previous day: 250). - The spread between Shandong propylene and the PL01 contract was - 114 (previous day: 4). - The spread between East China propylene and the PL01 contract was - 74 (previous day: 39). - The spread between South China propylene and the PL01 contract was - 99 (previous day: - 11). [2] 3.4 Industry Chain Data - The PDH operating rate this week was 75.0% (last week: 72.9%). - The MTBE operating rate was 68.9% (previous: 69.8%). - The alkylation operating rate was 36.8% (previous: 39.5%). [2] 4. Trend Intensity - The trend intensity for LPG is 0, and for propylene is also 0, indicating a neutral outlook. [6] 5. Market News 5.1 CP Paper Goods Prices - On December 23, 2025, the January CP paper goods price for propane was 509 USD/ton, up 3 USD/ton from the previous trading day; the price for butane was 501 USD/ton, up 5 USD/ton from the previous trading day. The February CP paper goods price for propane was 502 USD/ton, up 2 USD/ton from the previous trading day. [7] 5.2 Domestic PDH Plant Maintenance Plans - Multiple PDH plants have ongoing or planned maintenance, including those of Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., with some maintenance start - times dating back to 2023 and some end - times still undetermined. [8] 5.3 Domestic LPG Plant Maintenance Plans - Several LPG plants, such as Rizhao (China National Offshore) and Shenchi Chemical, have maintenance plans with different start and end times and loss volumes. [9]