液化石油气日报：4月CP价格大幅上调，到岸成本维持高位-20260401

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In April, CP prices were significantly raised, and the landed cost remained high. The increase in CP official prices was in line with expectations. The high landed cost of LPG supported the domestic market. The market interpreted the recent remarks from the Iranian and US presidents as a signal of easing, leading to a decline in emotional premium and potentially driving an overall correction in the energy sector. However, the situation is still unclear and requires continuous monitoring [1] 3. Summary by Relevant Catalogs Market Analysis - On March 30th, the regional prices were as follows: Shandong market, 6300 - 6400; Northeast market, 5900 - 6250; North China market, 6350 - 6620; East China market, 6800 - 7400; Yangtze River market, 6760 - 6960; Northwest market, 5950 - 6400; South China market, 7200 - 7480 [1] - In the second half of April 2026, the landed price of frozen cargo in East China was 1111 US dollars/ton for propane, up 41 US dollars/ton, and 1161 US dollars/ton for butane, up 91 US dollars/ton. In RMB, propane was 8428 yuan/ton, up 274 yuan/ton, and butane was 8808 yuan/ton, up 654 yuan/ton. The same price increase occurred in South China [1] - Saudi Aramco announced the April CP. Propane was 750 US dollars/ton, up 205 US dollars/ton from the previous month, and butane was 800 US dollars/ton, up 260 US dollars/ton from the previous month. Due to the blockade of the Strait of Hormuz, the export of Middle - East LPG was interrupted, and the international market tightened significantly. The butane increase was more prominent because Middle - East LPG had a relatively high butane proportion while the US increment was mainly propane [1] Strategy - Unilateral: In the short term, there will be sharp fluctuations. It is advisable to wait and see for the time being. There are no strategies for inter - period, cross - variety, spot - futures, or options [2] Figures - The figures include the spot prices of civil LPG and ether - post carbon four in different regions, as well as the closing prices, month - to - month differences, and trading volume and open interest of PG futures contracts in different periods [3]