供应端矛盾逐渐积累，现货价格普遍上涨

Report Summary 1. Report's Industry Investment Rating No relevant information provided. 2. Core View The contradiction on the supply side of LPG is gradually accumulating, and spot prices have generally risen. The unclear situation in the Middle East has led to a low number of oil tankers passing through the Strait of Hormuz, and the impact on LPG supply is gradually being realized. The arrival prices continue to rise, and domestic spot prices in various regions have generally increased. Before the substantial recovery of Middle East logistics, the LPG supply gap will persist and its impact will gradually accumulate, and downstream chemical plants will face the pressure of passive production cuts due to insufficient raw materials. Although there is room for growth in US exports, it cannot fully offset the Middle East gap, and attention should be paid to the potential negotiation progress between Iran and the United States [1]. 3. Summary by Related Catalogs Market Analysis - On March 30, the regional prices were as follows: Shandong market, 6400 - 6450 yuan/ton; Northeast market, 5900 - 6250 yuan/ton; North China market, 6250 - 6570 yuan/ton; East China market, 6800 - 7400 yuan/ton; Yangtze River market, 6730 - 6960 yuan/ton; Northwest market, 5750 - 5900 yuan/ton; South China market, 7200 - 7450 yuan/ton [1]. - In the second half of April 2026, the CIF prices of propane and butane for frozen cargoes in East China were both 1070 US dollars/ton, up 16 US dollars/ton. The RMB - converted prices of propane and butane were both 8154 yuan/ton, up 131 yuan/ton. In South China, the CIF prices of propane and butane for frozen cargoes were also 1070 US dollars/ton, up 16 US dollars/ton, and the RMB - converted prices were both 8154 yuan/ton, up 131 yuan/ton [1]. Strategy - Unilateral: Short - term violent fluctuations, mainly on the sidelines in the short term. - Inter - period: None. - Cross - variety: None. - Spot - futures: None. - Options: None [2]