Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - On March 25, 2026, the main contract of LPG futures fell 8.02%. The recent peace - talk intention released by the US has reduced market concerns about the tense situation in the Middle East. The tight overseas supply due to restricted Middle East shipments has been the main reason for the significant upward movement of LPG futures prices since March. Currently, geopolitical expectations are in a swing stage, and the price is expected to fluctuate at a high level. If the peace - talk expectations are confirmed later, the prices still face upward risks due to extreme supply reduction [3][4][5][6] Group 3: Summary by Related Catalog Latest Dynamic - On March 25, 2026, the main contract of LPG futures fell 8.02% according to Flush data [3] Reason for the Decline - The US government proposed a 15 - condition conflict - ending plan to Iran through Pakistan on March 24. The recent peace - talk intention released by the US has reduced market concerns about the tense situation in the Middle East [4] Fundamental Situation - Restricted Middle East shipments have led to a significant tightening of overseas supply, which is the main reason for the sharp upward movement of LPG futures prices since March. In 2025, LPG imported through the Strait of Hormuz accounted for 47.6% of China's LPG imports and 19.6% of China's LPG apparent demand. LPG imported from Iran accounted for 24.7% of China's LPG imports and 10.2% of China's LPG apparent demand. From March 21 to 25, the average daily LPG shipment volume in the Middle East was only about 1600 barrels per day, a decrease of more than 90% compared to before the conflict on February 28. The domestic market will face a decline in arrivals and supply contraction due to reduced refinery gas [5] Market Outlook - Geopolitical expectations are currently in a swing stage. Attention should be paid to Iran's confirmation of subsequent peace - talk conditions and progress. With continuous supply tightness and expected fluctuations, the price is expected to fluctuate at a high level. If the peace - talk expectations are confirmed later, the prices still face upward risks due to extreme supply reduction [6]