Group 1 - The operating rate of PDH units is expected to remain below 70% due to poor profitability, despite new units starting up in June and July [1] - The demand for alkylation and MTBE units is increasing, driven by gasoline demand, while there is a slight increase in demand for C4 [1] - The international LPG price is declining, with US propane inventories continuing to rise and overall market resources being abundant [1] Group 2 - The domestic LPG supply is rebounding, with inventory levels remaining high and port storage capacity slightly decreasing after reaching a seasonal high [2] - The market is experiencing a cautious sentiment due to tariff issues, with gasoline consumption at a four-year low and chemical demand being weak [2] - The PDH weekly capacity utilization has slightly rebounded but remains at a multi-year low, while alkylation capacity utilization has also increased, with margins near zero [2] Group 3 - Domestic refinery prices are weak, with terminal gas sales declining and increased refinery output leading to a loose supply of domestic gas [3] - Chemical demand is recovering month-on-month, but PDH margins have slightly decreased due to falling naphtha prices, limiting future growth potential [3] - Overall market pressure is evident with rising inventories at both terminals and refineries, despite some support from strong crude oil prices [3]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The short - term, medium - term, and intraday trends of rebar 2510 are oscillatory, oscillatory, and oscillatory with a downward bias respectively. It is advisable to focus on the support at the MA5 line. The core logic is that market sentiment has improved and steel prices have rebounded from low levels [2]. - Amid the game between expectations and reality, rebar prices are expected to continue the low - level oscillatory trend, and the performance of demand should be closely monitored [3]. 3. Summary by Related Contents Variety Viewpoint Reference - The short - term, medium - term, and intraday trends of rebar 2510 are oscillatory, oscillatory, and oscillatory with a downward bias respectively. The view is to focus on the support at the MA5 line, and the core logic is the improvement of market sentiment and the rebound of steel prices from low levels [2]. Market Driving Logic - After the China - US presidential call, market sentiment improved, and the ferrous metals rebounded from low levels. However, both the supply and demand sides of rebar are weakening. Steel mills mainly ensure the supply of plates, and rebar production has been continuously decreasing. The corresponding demand is also weakening, and concerns about seasonal weakening persist. The fundamentals of rebar have not improved, and steel prices continue to be under pressure. The relatively positive factor is the low inventory, and the real - world contradictions are not significant [3].