丙烯：供需维持偏紧，现货横盘整理：LPG：中东供应扰动，等待CP出台

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The report focuses on the fundamentals of LPG and propylene, including price changes in the futures and spot markets, industry chain operating rates, and LPG shipping volumes, as well as market news such as CP paper prices and domestic device maintenance plans [1][6] 3. Summary by Related Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - For LPG (PG) futures, on February 26, 2026, the closing prices of contracts 2603, 2604, and 2605 were 4,253 (down 0.44%), 4,566 (up 1.24%), and 4,492 (up 1.08%) respectively; the night - session closing prices were 4,249 (down 0.09%), 4,543 (down 0.50%), and 4,468 (down 0.53%) respectively. Trading volumes and open interests also had corresponding changes [1] - For propylene (PL) futures, the closing prices of contracts 2603, 2604, and 2605 on February 26, 2026 were 6,192 (down 0.31%), 6,312 (up 0.08%), and 6,312 (down 0.16%) respectively; the night - session closing prices were 6,185 (down 0.11%), 6,255 (down 0.90%), and 6,250 (down 0.98%) respectively. Trading volumes and open interests changed as well [1] 3.1.2 Spot Market - For LPG, prices in different regions such as Shandong, East China, and South China had different changes compared to the previous day, and the basis of the main contract also changed. For example, the Shandong civilian LPG price was 4,480, down 20 from the previous day; the East China imported LPG price was 5,001, unchanged from the previous day [1] - For propylene, prices in Shandong, East China, and South China remained unchanged from the previous day, and the basis of the main contract increased by 10 in each region [1] 3.1.3 Industry Chain Operating Rates - As of February 27, 2026, the PDH operating rate was 63.23%, down 1.61 from the previous week; the alkylation operating rate was 37.72%, up 0.87 from the previous week; the MTBE operating rate was 67.22%, unchanged from the previous week [1] 3.1.4 LPG Shipping Volumes - From the United States on February 26, 2026, the global shipping volume was 17.9 tons, up 4.0 from the previous day; the Asian shipping volume was 12.4 tons, down 1.4 from the previous day. From the Middle East, the global and Asian shipping volumes were 0.6 tons, down 7.6 from the previous day [1] 3.2 Trend Intensity - The trend intensity of LPG and propylene is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [5] 3.3 Market News - On February 26, 2026, the March CP paper price for propane was 555 US dollars/ton, up 15 US dollars/ton from the previous trading day; the butane price was 548 US dollars/ton, up 15 US dollars/ton from the previous trading day. The April CP paper price for propane was 553 US dollars/ton, up 26 US dollars/ton from the previous trading day [6] - There are multiple domestic PDH device and LPG factory device maintenance plans, including information such as enterprise names, device types, production capacities, maintenance start - and end - times, and loss volumes [6][7]