到岸成本持续走高，国内现货涨跌互现

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The on - shore cost of LPG continues to rise, and domestic spot prices show mixed trends [1]. - Due to the tense situation in the Middle East and the continuous obstruction of navigation in the Strait of Hormuz, the prices of foreign - market crude oil and LPG remain strong, providing strong support for PG. However, as the import cost of propane and butane keeps rising, there is a negative feedback in the demand of downstream chemical plants, and the market will constantly seek a new balance [1]. - The short - term trend of the single - side LPG market is expected to be volatile and slightly strong, and it is recommended to wait and see [2]. 3. Summary by Related Catalogs Market Analysis - On March 17th, the regional prices of LPG are as follows: Shandong market, 5350 - 5580 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, 5100 - 5250 yuan/ton; South China market, 6130 - 6250 yuan/ton [1]. - In the second half of April 2026, the CIF prices of frozen LPG in East China are propane 998 dollars/ton (up 18 dollars/ton), butane 1003 dollars/ton (up 23 dollars/ton), equivalent to RMB prices of propane 7577 yuan/ton (up 127 yuan/ton) and butane 7615 yuan/ton (up 165 yuan/ton). In South China, the prices are the same as in East China [1]. - After the end of the cold wave, the export volume of the United States has increased significantly. The estimated LPG shipment volume in March is 6.81 million tons, a month - on - month increase of 1.35 million tons and a year - on - year increase of 0.92 million tons. But the U.S. export volume is approaching the production capacity limit (about 7.2 million tons per month), and the product structure is different from that of the Middle East, so it cannot fully offset the supply gap in the Middle East [1]. Strategy - Single - side: Short - term volatile and slightly strong, wait and see. - Cross - period: No recommendation. - Cross - variety: No recommendation. - Spot - futures: No recommendation. - Options: No recommendation [2] Figures - There are 18 figures showing various prices and trading data of LPG, including spot prices of civil LPG and ether - post carbon - four in different regions, as well as closing prices, month - to - month spreads, and trading volume and open interest of PG futures contracts [3]