Group 1: Report's Industry Investment Rating - No information provided Group 2: Report's Core View - This week, the LPG futures market fluctuated and rose following crude oil due to geopolitical and macro - emotional disturbances. The current cheapest deliverable is East China civil gas at 4418 (+46). The 2 - month CP official price met expectations, with propane and butane at 545/540 (+20/+20). The FEI monthly spread fluctuated, while the CP and MB monthly spreads declined. The oil - gas ratio decreased, and the North American natural gas - LPG ratio increased. The internal - external spread weakened significantly. The freight rate increased significantly due to North American cold snaps and the tense Iranian situation. The profit of China's PDH to produce propylene strengthened significantly. Fundamentally, geopolitical risks remain, and the rising external price supports the positive sentiment of domestic LPG futures, but domestic downstream profits are poor and pre - holiday inventory reduction weakens the support for spot prices. The current internal basis is weak, the monthly spread valuation is neutral, and subsequent attention should be paid to warehouse receipts and the external market. The internal - external valuation is moderately high, and the external market may remain tight in the short term, with attention needed on the February cold snap in the US and the Iranian situation [1] Group 3: Summary by Relevant Catalog LPG Price Data - From January 26 - 30, 2026, the prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, Shandong alkylation oil, paper import profit, and main basis all had corresponding changes. The daily changes were - 10, 5, 50, 5, - 5, - 1, 70, 50, - 51, and 63 respectively [1] Market Indicators - The 03 basis was 64 (- 32), the 03 - 04 monthly spread was - 294 (- 16), - 203 (- 8). Warehouse receipts were 5867 hands (- 31), with a reduction of 31 from Haiyu Petrochemical. The FEI - MOPJ spread was - 29 (- 11) [1] Profit and Operating Rate - China's PDH profit to produce propylene was - 237 (a month - on - month increase of 200). The PDH operating rate was 60.72% (- 1.53pct) [1] Price Premium and Discount - The East China propane arrival premium was 91 (+6); the AFEI, Middle East, and US propane FOB premiums were 19.25 (- 16.75), - 15 (- 35), 46.89 (- 15.6) respectively [1]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary by Relevant Catalog Base and Month Spread - The Shandong basis (+80) (non-Jingbo) decreased from -68 on 12/30 to -118 on 1/29, with a daily change of -38 [3]. - The East China basis (Zhenjiang warehouse) decreased from -118 on 12/30 to -178 on 1/29, with a daily change of -18 [3]. - The South China basis (Foshan warehouse) decreased from -138 on 12/30 to -158 on 1/29, with a daily change of -48 [3]. - The 01 - 03 spread decreased from -43 on 12/30 to -124 on 1/29, with a daily change of -2 [3]. - The 02 - 03 spread decreased from -7 on 12/30 to -2 on 1/29, with a daily change of -1 [3]. - The 03 - 06 spread decreased from -24 on 12/30 to 13 on 1/29, with a daily change of -8 [3]. BU Main Contract (02) - The price increased from 3038 on 12/30 to 3478 on 1/29, with a daily change of 68 [3]. - The trading volume decreased from 465494 on 12/30 to 621631 on 1/29, with a daily change of -97356 [3]. - The open interest increased from 440255 on 12/30 to 457004 on 1/29, with a daily change of 13230 [3]. - The warehouse receipts remained at 13580 on 1/29, with a daily change of 0 [3]. Crude Oil and Asphalt Prices - Brent crude oil price increased from 62.0 on 12/30 to 68.1 on 1/29, with a daily change of 1.6 [3]. - Jingbo asphalt price increased from 2980 on 12/30 to 3290 on 1/29, with a daily change of 10 [3]. - Shandong (non-Jingbo) asphalt price increased from 2890 on 12/30 to 3280 on 1/29, with a daily change of 30 [3]. - Zhenjiang warehouse asphalt price increased from 2920 on 12/30 to 3300 on 1/29, with a daily change of 50 [3]. - Foshan warehouse asphalt price increased from 2900 on 12/30 to 3320 on 1/29, with a daily change of 20 [3]. Profit - The asphalt - Ma Rui profit decreased from 339 on 12/30 to 315 on 1/29, with a daily change of -69 [3]. Trader Basis - The trader basis was 500 on 1/27, with the reference being the Shandong basis (+80) [3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs BR (Butadiene Rubber) - **Futures**: The closing price of the BR main contract on January 28th was 13,265, with a daily change of 220 and a weekly change not fully legible; the holding volume was 76,340, a daily decrease of 3,155 and a weekly decrease of 20,342; the trading volume was 514,932, a daily decrease of 234,887 and a weekly increase of 332,175; the warrant quantity was 28,220, a daily increase of 100 and a weekly increase of 1,300; the virtual - real ratio was 13.53, a daily decrease of 1 and a weekly decrease of 4; the butadiene rubber basis was -315, a daily decrease of 70 and a weekly increase of 105; the styrene - butadiene basis was -72 (illegible in original data), a daily decrease of 220 and a weekly increase of 5; the 02 - 03 spread was -75, a daily decrease of 35 and a weekly increase of 5; the 03 - 04 spread was 10, a daily decrease of 5 and a weekly increase of 30; the RU - BR spread was 3,095, a daily decrease of 65 and a weekly decrease of 485; the NR - BR spread was -75, a daily decrease of 115 and a weekly decrease of 540 [4] - **Spot**: The Shandong market price was 12,950, a daily increase of 150 and a weekly increase of 1,100; the Transfar market price was 12,900, a daily increase of 150 and a weekly increase of 1,050; the Qilu ex - factory price was 13,000, with no daily change and a weekly increase of 1,000; the CFR Northeast Asia price was 1,520, with no daily change and no weekly change; the CFR Southeast Asia price was 1,785, a daily increase of 35 and a weekly increase of 35 [4] - **Profit**: The spot processing profit was 15, a daily increase of 380 and a weekly increase of 616; the import profit was 271, a daily increase of 149 and a weekly increase of 1,117; the export profit was 511, a daily increase of 113 and a weekly decrease of 729 [4] BD (Butadiene) - **Spot**: The Shandong market price was 10,525, a daily decrease of 225 and a weekly increase of 475; the Jiangsu market price was 10,450, a daily decrease of 250 and a weekly increase of 600; the Yangzi ex - factory price was 10,600, a daily decrease of 200 and a weekly increase of 700; the CFR China price was 1,270, with no daily change and a weekly increase of 90 [4] - **Profit**: The carbon four extraction profit was not fully available in the data; the import profit was 319, a daily decrease of 250 and a weekly decrease of 95; the export profit was -1,035, a daily increase of 774 and a weekly change not fully legible; the styrene - butadiene production profit was 180 (illegible in original data), a daily increase of 350 and a weekly increase of 438; the ABS production profit data was not fully available; the SBS production profit was -1,130, a daily increase of 140 and a weekly decrease of 135 [4]

-200 -100 -300 -400 -200 -500 华东基差(镇江库) 山乐县差 (+80) 2022 2021 2023 2024 2020 2025 华南基差(佛山库) 山东县差 交国景 700 700 600 600 500 500 400 400 300 300 200 200 100 100 10/1 11/1 9/1 -100 -200 -300 -300 研究中心能化团队 2026/1/28 s 加安期货 沥青早报 | | | | | | | FARE REAL 1/27 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 12/26 | 1/21 | 1/23 | 1/26 | | 日度变化 | 팀 | | 基差&月差 | 山东基差(+80)(非京博) | -22 | -17 | -56 | -79 | -69 | 10 | | | | 华东基差(镇江库) | -115 | -7 | -56 | -79 | 1 | 80 | | | | 华南基差(佛山库) | -195 | -27 | -56 | ...

Report Summary Report Industry Investment Rating No information provided. Core View This week, the domestic LPG market rose significantly influenced by geopolitical factors and the international market. The overall internal and external valuation is moderately high. Despite the decline in PDH operation rate, the fundamentals remain tight in the short term due to the cold wave in the US and the peak combustion season. However, as the cold wave ends and Middle - East supply resumes, combined with negative feedback from poor PDH profits and the maintenance season in March, the upward momentum will weaken. The domestic LPG spread valuation is neutral, and the fundamentals support bull spreads, but attention should be paid to the situation of warehouse receipts. [4] Summary by Relevant Content 1. Price and Spread Data - **Daily Price Changes**: From 2026/01/21 to 2026/01/27, prices of LPG in South China, East China, and Shandong, as well as related products like propane CFR South China, showed fluctuations. The daily change on 2026/01/27 included a 70 - yuan increase in South China LPG, a 2 - yuan increase in East China LPG, and a 10 - yuan decrease in Shandong LPG. [4] - **Spread Data**: The 03 - 04 spread was - 274 (- 6), and the 04 - 05 spread was 88 (- 5). As of 9 pm, FEI and CP paper prices reached $539.64 and $534.64 respectively. Weekly spreads also changed, with the 03 basis at 96 (- 83), 02 - 03 spread at 64 (- 16), and 03 - 04 spread at - 261 (- 32). [4] 2. Market Conditions and Factors - **Domestic Market**: The domestic market was significantly affected by geopolitical and international factors this week. Civil LPG prices were divergent, with Shandong at 4460 (+ 20), East China at 4372 (- 151), and South China at 4780 (- 255). The cheapest deliverable was Shandong ether - after carbon four at 4350 (+ 10). Warehouse receipts were 5898 lots (- 79). [4] - **International Market**: FEI spreads rose, while MB and CP spreads slightly declined. The oil - gas ratio decreased slightly, FEI strengthened against CP and MB, and MB - CP also strengthened. The PG - FEI c1 spread was 55.1 (- 18.7). Propane arrival discounts in East China, and FOB discounts in AFEI, the Middle East, and the US also changed. Freight rates decreased, and the FEI - MOPJ spread was - 18 (weekly + 9). [4] 3. Profit and Inventory - **Profit**: PDH spot profits fluctuated, and paper profits dropped significantly. [4] - **Inventory**: Port inventory decreased by 1.53%, and incoming shipments decreased by 13.21%. Refinery storage utilization increased by 1.21 pct, and external sales increased by 2.11%. [4] 4. Industry Operation PDH operation rate was 62.25% (- 10.82 pct). Juzhengyuan Phase II was under maintenance, and Ruiheng had a breakdown and stopped production, expected to resume next week. [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Steel: The supply - side has stable blast furnace profits and rising disk profits, so steel mills may continue to increase production with a low probability of significant reduction. The demand - side is affected by winter cold, with seasonal weakening of rebar demand and inventory accumulation, and hot - rolled coil demand may slow down and turn to inventory accumulation. The fundamentals are neutral, and prices will fluctuate within a range [3]. - Iron Ore: Overall, the fundamentals of iron ore are weak, but the downside is supported by the healthy fundamentals of steel, good profits of steel mills, and inventory replenishment expectations. Additionally, attention should be paid to the impact of rainy seasons in Australia and Brazil on shipments. It is expected that the price decline space is limited [23]. - Coal and Coke: Coking coal is in a pattern of "strong spot, weak disk" with a high basis. Without strong policy expectations to boost the disk, as winter storage enters the second half, the demand sustainability is limited, and the spot price of coking coal may face downward pressure in the short term. In the medium - to - long term, if there is a combination of "exceeding - expected domestic supply recovery" and "weakening macro - sentiment", the prices of coal and coke will face significant downward pressure [36]. - Ferroalloys: Ferroalloys are supported by the cost side. The upper limit of silicon - manganese is restricted by high inventory, and the fundamentals of silicon - iron are slightly better than those of silicon - manganese. In the short term, ferroalloys will fluctuate within a range between the cost line and the previous pressure level [52]. - Soda Ash: The short - term commodity sentiment is warming up, which may drive some low - valued varieties. If the disk rises, there is some inventory replenishment space for middle and downstream players, but the demand is average with limited elasticity. In terms of fundamentals, as new production capacity gradually releases output, the daily production of soda ash reaches a new high, and the oversupply expectation is intensifying. The export of soda ash remains high, which alleviates the domestic pressure to some extent. The high - level inventory of the upper and middle reaches restricts the price of soda ash [66]. - Glass: Although the daily melting of float glass has dropped to a certain low level, the demand reality and expectation are also weak. Under the pattern of weak supply and demand, there is no trend - based movement. Before the Spring Festival, there are still some glass production lines for cold - repair and ignition, which may affect the far - month pricing and market expectation. Currently, the high inventory of the middle reaches of glass needs to be digested, and the spot pressure still exists [90]. Summary by Related Catalogs Steel - **Prices and Spreads**: On January 27, 2026, the closing prices of rebar and hot - rolled coil contracts changed compared with the previous day. For example, the rebar 01 contract closed at 3199 yuan/ton (down 20 yuan from January 26), and the hot - rolled coil 01 contract closed at 3330 yuan/ton (down 11 yuan from January 26). The basis and month - spreads also had corresponding changes [4][10][12]. - **Ratio Analysis**: The ratios of rebar to iron ore and rebar to coke remained stable on January 27, 2026, compared with the previous day. For example, 01 rebar/01 iron ore was 4, and 01 rebar/01 coke was 2 [20]. Iron Ore - **Price Data**: On January 27, 2026, the closing prices of iron ore contracts increased slightly compared with the previous day. For example, the 01 contract closed at 757 yuan/ton (up 2 yuan from January 26). The basis also increased, and the prices of various iron ore varieties such as Rizhao PB powder also rose [24]. - **Fundamental Data**: From January 16 - 23, 2026, the daily average pig iron output increased slightly, the 45 - port desilting volume decreased, the global and Australia - Brazil shipments increased, the 45 - port inventory and 247 - steel mill inventory increased, and the available days of 247 steel mills also increased [30]. Coal and Coke - **Price Spreads**: On January 27, 2026, compared with the previous day, the month - spreads of coking coal and coke contracts changed. For example, the coking coal 09 - 01 month - spread was - 178 (down 12.5 from January 26). The disk coking profit increased, and the ratios such as the main ore - coke ratio also changed [39]. - **Spot Prices**: The spot prices of coking coal and coke in various regions remained relatively stable on January 27, 2026, with some slight changes in the import profit of different types of coal [42]. Ferroalloys - **Silicon - Iron**: On January 27, 2026, compared with the previous day, the basis of silicon - iron in Ningxia increased, the month - spreads changed, and the spot prices in some regions decreased slightly. The prices of raw materials such as semi - coke and动力煤 decreased slightly, and the number of silicon - iron warehouse receipts decreased [53]. - **Silicon - Manganese**: On January 27, 2026, the basis of silicon - manganese in Inner Mongolia increased, the month - spreads changed slightly, the spot prices in various regions remained stable, and the prices of some manganese ores decreased slightly. The number of silicon - manganese warehouse receipts increased slightly [54][56]. Soda Ash - **Prices and Spreads**: On January 27, 2026, the prices of soda ash contracts decreased. For example, the soda ash 05 contract closed at 1194 yuan/ton (down 11 yuan from January 26). The month - spreads and basis also had corresponding changes [67]. - **Production and Inventory**: The daily production of soda ash reaches a new high, and the overall inventory of the upper and middle reaches remains high, restricting the price [66]. Glass - **Prices and Spreads**: On January 27, 2026, the prices of glass contracts decreased. For example, the glass 05 contract closed at 1066 yuan/ton (down 21 yuan from January 26). The month - spreads and basis changed [91]. - **Sales and Production**: The daily sales - to - production ratios in different regions such as Shahe, Hubei, East China, and South China fluctuated in the period from January 17 - 23, 2026 [92].

s 加安期货 沥青早报 | | 指标 | 12/25 | 1/20 | 1/22 | 1/23 | 1/26 | MISUL O HOLOLAL FACY 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东基差(+80)(非京博) | -55 -115 | 1 11 | -92 -72 | -56 | -79 -79 | -23 -23 | | | | 华东基差(镇江库) | | | | -56 | | | | | 基差&月差 | 华南基差(佛山库) | -195 | -9 | -92 | -56 | -49 | 7 | | | | 01-03 | -32 | -57 | -83 | -88 | -69 | 19 | | | | 02-03 | -7 | -17 | -14 | -14 | -17 | -3 | | | | 03-06 | -30 | -16 | -8 | -7 | -7 | 0 | | | ：11:1 | BU主力合约(02) | 2992 | 3139 | 3242 | 3236 | 3279 ...

Group 1: Investment Rating - No relevant information provided Group 2: Core Viewpoints - This week, the domestic LPG market rose significantly due to geopolitical factors and the influence of the external market. Although the PDH operating rate has decreased, the fundamentals are still tight in the short term due to the cold wave in the United States and the peak combustion season. However, as the cold wave ends, Middle - East supply returns, and considering the negative feedback of poor PDH profits and the maintenance season in March, the driving force will weaken. The domestic market's month - spread valuation is neutral, and the fundamentals support bull spreads, but attention should be paid to the situation of warehouse receipts [1] Group 3: Summary by Relevant Content 1. Daily Market Data - From January 20 to January 26, 2026, prices of LPG in South China, East China and Shandong, as well as related products like propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, and Shandong alkylation oil showed different changes. The paper import profit decreased from 148 to - 169, and the main contract basis decreased from 519 to 142. On January 26, compared with the previous day, the price of South China LPG decreased by 10, the price of East China LPG increased by 10, the price of Shandong LPG decreased by 40, and other indicators also had corresponding daily changes [1] 2. Daily Market Conditions - On Monday, under the influence of macro and geopolitical sentiments, the futures market showed a strong performance. The 03 - 04 month - spread was - 246 (+15), and the 04 - 05 month - spread was 91 (-13). As of 9 p.m., the FEI and CP paper - cargo prices reached 551 and 540 US dollars respectively [1] 3. Weekly Views a. Price and Basis Changes - The domestic market rose this week. The 03 basis was 96 (-83), the 02 - 03 month - spread was 64 (-16), and the 03 - 04 month - spread was - 261 (-32). Civil LPG prices were differentiated, with the price in Shandong being 4460 (+20), in East China 4372 (-151), and in South China 4780 (-255). The cheapest deliverable product was Shandong ether - after carbon four at 4350 (+10). The number of warehouse receipts was 5898 (-79) [1] b. International Market Indicators - The FEI month - spread increased, while the MB and CP month - spreads decreased slightly. The oil - gas ratio declined slightly. FEI strengthened compared to CP and MB, and MB - CP also strengthened. The domestic - foreign PG - FEI c1 reached 55.1 (-18.7). The arrival - at - shore discount of propane in East China, China was 85 (+8); the FOB discounts of propane in AFEI, the Middle East, and the United States were 36 (-1.75), 20 (-9), and 62.52 US dollars (+11.72) respectively. Freight rates decreased. The FEI - MOPJ spread was - 18 (week - on - week +9) [1] c. Profit and Inventory - PDH spot profits fluctuated, and paper - cargo profits dropped significantly. Port inventory decreased by 1.53%, and incoming shipments decreased by 13.21%, indicating a narrowing demand. The refinery storage capacity utilization rate increased by 1.21 pct, and external sales increased by 2.11%. The PDH operating rate was 62.25% (-10.82 pct), with Juzhengyuan Phase II under maintenance and Ruiheng out of operation due to a fault, expected to resume next week [1]

Report Industry Investment Rating - No relevant information provided. Core Viewpoints of the Report - This week, the near - month of Singapore 380cst has strengthened significantly, with both cracking and calendar spreads strengthening. Short - term arbitrage logistics have tightened to a 6 - month low, and Singapore residue inventory has dropped significantly to a 13 - week low. The 0.5 low - sulfur cracking strengthened on Friday compared to the previous week, at a historically low level year - on - year, and the calendar spread is at a low level for the same period in history. In terms of inventory, EIA residue has slightly reduced inventory, ARA residue has increased inventory, and Fujairah has slightly increased inventory. Under the new situation in Venezuela, heavy - oil logistics are tilted towards the United States, Canadian heavy oil is seeking new buyers, the price of Merey crude oil has risen, and trading is light. Recently, the Iranian situation and arbitrage logistics have affected 380, the high - sulfur spot has tightened, the cracking has rebounded, and in the short term, high - sulfur has the strongest driving force among oil products, while the low - sulfur external market remains weak [3][4]. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 19 to January 23, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased from 336.61 to 345.50, with a change of 0.57; the price of Rotterdam 0.5% VLS FO swap M1 increased from 385.89 to 388.38, with a change of 2.30; the Rotterdam HSFO - Brent M1 changed from - 10.43 to - 9.41, with a change of - 0.15; the Rotterdam 10ppm Gasoil swap M1 decreased from 630.80 to 646.25, with a change of - 2.20; the Rotterdam VLSFO - Gasoil M1 changed from - 244.91 to - 257.87, with a change of 4.50; the LGO - Brent M1 remained unchanged at 25.00; the Rotterdam VLSFO - HSFO M1 increased from 49.28 to 42.88, with a change of 1.73 [1]. Singapore Fuel Oil Swap Data - From January 19 to January 23, 2026, the price of Singapore 380cst M1 and 180cst M1 data for January 23 are missing. The Singapore VLSFO M1 data for January 23 is missing. The Singapore Gasoil M1 data for January 23 is missing. The Singapore 380cst - Brent M1 changed from - 6.30 to - 4.78, with a change of 0.77 [1]. Singapore Fuel Oil Spot Data - From January 19 to January 23, 2026, the FOB 380cst data for January 23 is missing, and the FOB VLSFO data for January 23 is missing. The 380 - basis data for January 23 is missing. The high - sulfur internal - external spread decreased from 12.6 to 11.8, with a change of - 0.7; the low - sulfur internal - external spread increased from 15.6 to 18.0, with a change of 2.0 [2]. Domestic FU Data - From January 19 to January 23, 2026, FU 01 increased from 2478 to 2517, with a change of 2; FU 05 increased from 2526 to 2623, with a change of 41; FU 09 increased from 2500 to 2562, with a change of 17; FU 01 - 05 changed from - 48 to - 106, with a change of - 39; FU 05 - 09 changed from 26 to 61, with a change of 24; FU 09 - 01 changed from 22 to 45, with a change of 15 [2]. Domestic LU Data - From January 19 to January 23, 2026, LU 01 decreased from 3136 to 3183, with a change of - 3; LU 05 decreased from 3052 to 3106, with a change of - 20; LU 09 decreased from 3073 to 3121, with a change of - 16; LU 01 - 05 changed from 84 to 77, with a change of 17; LU 05 - 09 changed from - 21 to - 15, with a change of - 4; LU 09 - 01 changed from - 63 to - 62, with a change of - 13 [3].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - This week, the domestic market was greatly affected by geopolitical factors, rising first and then falling, with a slight upward shift in the weekly central value. The 02 basis was 138 (-41), the 02 - 03 spread was 70 (+15), and the 03 - 04 spread was -250 (-58). The price of civil gas increased, with Shandong at 4440 (+40), East China at 4523 (+56), and South China at 5035 (+195). The cheapest deliverable was Shandong ether - after 4340 (-50). The number of warehouse receipts was 5977 lots (-241). The FEI and CP spreads rose, the MB spread fell, the oil - gas ratio weakened, and FEI strengthened compared to CP and MB. The domestic and foreign PG - FEI reached 73.6 (-11.9), and PG - CP reached 69.6 (-8). The CIF discount for propane in East China, China was 77 (-2); the FOB discounts for propane in AFEI, the Middle East, and the United States were 37.75 (+3.75), 29 (-1), and 50.8 US dollars (+9.12) respectively. Freight rates increased, with the US Gulf - Japan at 139 (+7). The FEI - MOPJ spread was -27 (weekly +12). PDH profits significantly recovered but were still poor. Port inventories decreased by 4.9%, arrivals increased by 2.7%, and overall shipments increased significantly. The refinery storage capacity utilization rate decreased by 0.66 pct, and external releases decreased by 0.19%. PDH operating rate was 73.07% (-2.54 pct), and there were expectations of multiple plant shutdowns in February (Juzhengyuan Phase II and Zhongjing Phase II), with the PDH operating rate expected to continue to decline. Overall, domestic and foreign valuations were high; the expected supply - demand pattern in the foreign market weakened, as the impact of the US fog was expected to be small, and although the Middle East was tight in the short term, it would be loose later; the combustion demand was coming to an end in February, and the PDH operating rate decreased. The domestic valuation was neutral, with 2 - 3 and 3 - 4 spreads in reverse arbitrage, and subsequent attention should be paid to the situation of warehouse receipts [1] 3. Summary According to the Directory Daily Data - From January 16 to January 22, 2026, the prices of South China LPG changed from 5035 to 4815, East China LPG from 4523 to 4428, Shandong LPG from 4440 to 4480, propane CFR South China from 597 to 610, propane CIF Japan from 549 to 595, CP forecast contract price from 527 to 537, Shandong ether - after C4 from 4340 to 4360, Shandong alkylate from 7150 to 7150, paper import profit from 254 to -65, and the main basis from 486 to 394. The daily changes on January 22 were -25, -39, 10, 6, 24, 6, 30, 20, -74, -104 respectively [1] Daily View - On Thursday, the 02 - 03 spread was 67 (+2), the 03 - 04 spread was -275 (-11), and the 02 - 04 spread was -208 (-9). At 9:30 PM on Thursday, the FEI and CP paper prices reached 551.19 and 534.19 US dollars respectively [1] Weekly View - This week, the domestic market was greatly affected by geopolitical factors, with the weekly central value slightly shifting upward. The 02 basis decreased by 41, the 02 - 03 spread increased by 15, and the 03 - 04 spread decreased by 58. Civil gas prices increased, and the cheapest deliverable decreased by 50. The number of warehouse receipts decreased by 241. The FEI and CP spreads rose, the MB spread fell, the oil - gas ratio weakened, and FEI strengthened compared to CP and MB. The domestic - foreign spreads decreased, the CIF discount in East China decreased, the FOB discounts in AFEI, the Middle East, and the United States changed, the freight rate increased, and the FEI - MOPJ spread increased week - on - week. PDH profits recovered but were still poor. Port inventories decreased by 4.9%, arrivals increased by 2.7%, and overall shipments increased significantly. The refinery storage capacity utilization rate decreased by 0.66 pct, and external releases decreased by 0.19%. The PDH operating rate decreased by 2.54 pct, and there were expectations of multiple plant shutdowns in February, with the PDH operating rate expected to continue to decline. Overall, domestic and foreign valuations were high, the expected supply - demand pattern in the foreign market weakened, the domestic valuation was neutral, with 2 - 3 and 3 - 4 spreads in reverse arbitrage, and subsequent attention should be paid to the situation of warehouse receipts [1]