伊朗气田受袭，LPG到岸价格继续大涨

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The geopolitical situation in the Middle East remains tense, with the number of LPG ships passing through the Strait of Hormuz at a low level and the degree of attacks on energy infrastructure in the Middle East expanding. The attack on Iran's South Pars gas field on the 18th has tightened the LPG supply. The external LPG price continues to be strong, the import cost keeps rising, and the PG futures market has risen significantly under the drive of the external market. The elasticity of PG has increased significantly, and the pressure of warehouse receipts will be significantly reduced in March. However, the market volatility may intensify after reaching an absolute high [1] 3. Summary by Relevant Catalogs Market Analysis - On March 19th, the regional LPG prices were as follows: Shandong market, 5750 - 5900 yuan/ton; North China market, 5180 - 5850 yuan/ton; East China market, 5610 - 6340 yuan/ton; Yangtze River market, 5860 - 6160 yuan/ton; Northwest market, 5000 - 5250 yuan/ton; South China market, 6050 - 6280 yuan/ton [1] - In the second half of April 2026, the CIF prices of frozen LPG in East China were propane at 1090 US dollars/ton (up 80 US dollars/ton) and butane at 1100 US dollars/ton (up 85 US dollars/ton). In RMB terms, propane was 8277 yuan/ton (up 615 yuan/ton) and butane was 8353 yuan/ton (up 653 yuan/ton) [1] - In the second half of April 2026, the CIF prices of frozen LPG in South China were the same as those in East China [1] Strategy - Unilateral: Short - term shock - biased upward, mainly on the sidelines - Inter - period: None - Inter - variety: None - Spot - futures: None - Options: None [2]