沙特供应收紧，进口成本保持坚挺

Group 1: Market Analysis - On February 26, regional prices were as follows: Shandong market, 4450 - 4500; Northeast market, 3670 - 4100; North China market, 4180 - 4450; East China market, 4200 - 4400; Yangtze River market, 4560 - 4780; Northwest market, 4050 - 4250; South China market, 4600 - 4850 [1] - In the second half of March 2026, the CIF price of frozen propane in East China was 670 USD/ton, up 10 USD/ton, and butane was 660 USD/ton, up 10 USD/ton. In RMB terms, propane was 5106 yuan/ton, up 62 yuan/ton, and butane was 5030 yuan/ton, up 63 yuan/ton [1] - In the second half of March 2026, the CIF price of frozen propane in South China was 660 USD/ton, up 10 USD/ton, and butane was 650 USD/ton, up 10 USD/ton. In RMB terms, propane was 5030 yuan/ton, up 63 yuan/ton, and butane was 4954 yuan/ton, up 63 yuan/ton [1] - On the evening of the 25th, a sudden failure occurred at the Saudi juaymah NGL facility, canceling some loading plans at the Ras Tanura terminal in March. The international market remains tight and import costs are high, which may further suppress the profits of domestic chemical plants [1] - Besides unexpected force majeure, the current market contradiction mainly comes from the geopolitical level. The situation in Iran will have a significant impact on the implied emotional premium of energy commodities. Attention should be paid to the negotiation progress between the two sides and the US military deployment [1] Group 2: Strategy - Unilateral: Short - term shock and upward trend, focus on the development of the Iranian situation. No strategies for inter - period, cross - variety, spot - futures, or options [2] Group 3: Figures - Figures include prices of various types of liquefied gas and related futures data, such as Shandong civil liquefied gas spot price, East China civil liquefied gas spot price, South China civil liquefied gas spot price, etc., with corresponding units [3]