现货稳中有升，盘面支撑仍存
Hua Tai Qi Huo·2026-01-14 02:59
  1. Report Industry Investment Rating - Unilateral: Neutral, short - term wait - and - see, focus on the development of the Iranian situation [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core Viewpoints - The LPG market shows an "external strong and internal weak" pattern recently, with overseas supply tightening marginally and geopolitical tensions rising. The price inversion between ether - after carbon four and civil gas suppresses the PG disk, and the game between warehouse receipts and delivery disturbs the market. In the medium - term, the global balance sheet is expected to be oversupplied, and the potential upside risk comes from the geopolitical level [1] 3. Summary by Related Catalogs Market Analysis - On January 13, regional prices were as follows: Shandong market 4370 - 4460 yuan/ton, Northeast market 3910 - 4150 yuan/ton, North China market 4200 - 4400 yuan/ton, East China market 4350 - 4550 yuan/ton, Yangtze River market 4700 - 5050 yuan/ton, Northwest market 4200 - 4350 yuan/ton, South China market 4900 - 5000 yuan/ton [1] - In the first half of February 2026, the CIF price of frozen propane in East China was 600 US dollars/ton, up 2 US dollars/ton, and butane was 595 US dollars/ton, up 2 US dollars/ton. In South China, propane was 592 US dollars/ton, up 2 US dollars/ton, and butane was 587 US dollars/ton, up 2 US dollars/ton [1] - The disk continues to fluctuate strongly, the external market is firm, and the spot rose steadily yesterday, but there is differentiation among varieties. Ether - after carbon four is still weaker than civil gas. The market has an "external strong and internal weak" pattern, and the global balance sheet is expected to be oversupplied in the medium - term. The potential upside risk comes from the geopolitical level [1] Strategy - Unilateral: Neutral, short - term wait - and - see, focus on the development of the Iranian situation [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2]