矛盾尚未缓解，盘面偏强运行

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The market is running strongly with contradictions unresolved. Due to the tense situation in the Middle East and the continuous obstruction of navigation in the Strait of Hormuz, the prices of foreign crude oil and LPG continue to be strong, and the PG futures market also rises accordingly. The domestic LPG spot prices show mixed trends. The upstream inventory is controllable with a willingness to support the market, but the weak demand poses a certain resistance. The impact of geopolitical conflicts on the LPG balance sheet is gradually materializing. As the import cost of propane and butane continues to rise, there is a negative feedback in the demand of downstream chemical plants. The market will continuously seek a new balance. Additionally, the increase in US LPG shipments offsets the shortage of Middle - East raw materials to some extent [1]. 3. Summary by Related Catalogs Market Analysis - Regional Prices on March 16: Shandong market: 5250 - 5600 yuan/ton; North China market: 5100 - 5550 yuan/ton; East China market: 5610 - 6340 yuan/ton; Yangtze River area market: 6010 - 6360 yuan/ton; Northwest market: 5150 - 5300 yuan/ton; South China market: 6200 - 6250 yuan/ton [1]. - April 2026 Lower - half - month Import Prices: In East China and South China, the CIF price of propane is 980 US dollars/ton, up 23 US dollars/ton, and the CIF price of butane is 980 US dollars/ton, up 23 US dollars/ton. The RMB - converted price of propane is 7450 yuan/ton, up 180 yuan/ton, and that of butane is 7450 yuan/ton, up 180 yuan/ton [1]. Strategy - Single - side: Short - term shock is on the strong side, and it is advisable to wait and see [2]. - Inter - period: No relevant strategy [2]. - Inter - variety: No relevant strategy [2]. - Futures - spot: No relevant strategy [2]. - Options: No relevant strategy [2].