LPG：短期坚挺，趋势承压，丙烯：现货弱势运行

Report Title - LPG: Short-term Firmness, Long-term Pressure; Propylene: Spot Weakness [1][2] Market Data Futures Prices - PG2601 closed at 4,221 with a daily gain of 0.86% and a night session close of 4,235 with a 0.33% gain [2] - PG2602 closed at 4,082 with a 1.27% daily gain and a night session close of 4,088 with a 0.15% gain [2] - PL2601 closed at 5,890 with a -0.57% daily change and a night session close of 5,951 with a 1.04% gain [2] - PL2602 closed at 5,740 with a 1.76% daily gain and a night session close of 5,776 with a 0.63% gain [2] - PL2603 closed at 5,758 with a 2.24% daily gain and a night session close of 5,775 with a 0.30% gain [2] Trading Volume and Open Interest - PG2601 had a trading volume of 2,615, a decrease of 5,292 from the previous day, and an open interest of 3,696, a decrease of 1,319 [2] - PG2602 had a trading volume of 59,892, a decrease of 59,076, and an open interest of 71,590, a decrease of 3,268 [2] - PL2601 had a trading volume of 317, an increase of 97, and an open interest of 890, a decrease of 211 [2] - PL2602 had a trading volume of 6,682, a decrease of 4,091, and an open interest of 7,431, a decrease of 471 [2] - PL2603 had a trading volume of 24,928, a decrease of 244, and an open interest of 17,231, a decrease of 1,053 [2] Spreads - The spread between Guangzhou domestic gas and PG01 contract was 279, compared to 295 the previous day [2] - The spread between Guangzhou imported gas and PG01 contract was 379, compared to 375 the previous day [2] - The spread between Shandong propylene and PL01 contract was -185, compared to -114 the previous day [2] - The spread between East China propylene and PL01 contract was -40, compared to -74 the previous day [2] - The spread between South China propylene and PL01 contract was -65, compared to -99 the previous day [2] Industry Chain Data - The PDH operating rate this week was 75.0%, up from 72.9% last week [2] - The MTBE operating rate was 68.9%, down from 69.8% [2] - The alkylation operating rate was 36.8%, down from 39.5% [2] Market Trends - LPG trend intensity is 0; propylene trend intensity is 0, indicating a neutral outlook for both [6] Market News - On December 24, 2025, the January CP paper cargo for propane was $510/ton, up $1/ton from the previous day; butane was $501/ton, unchanged. The February CP paper cargo for propane was $505/ton, up $3/ton [7] - There are multiple domestic PDH plant maintenance plans, including those of Henan Huasong New Material Technology Co., Ltd. starting on May 12, 2023, and others with various start times and undetermined end times [8] - There are also domestic LPG plant maintenance plans, such as Rizhao (China National Offshore Oil Corporation) starting on January 3, 2025, and others with specific start and end times and loss volumes [9]