Industry Investment Rating - No information provided Core Viewpoints - PX has a weak unilateral trend, with the main contract shifting positions. The 1 - 5 month - spread is in a reverse arbitrage. Although weekend sales volume boosts the overall price of the industrial chain, it doesn't change the medium - term weak trend. PXN has short - term support starting from late August [7]. - PTA has a weak unilateral trend. Hold the mid - term position of long MEG and short PTA. Under low processing fees, pay attention to the support of unplanned production cuts on PTA processing fees, and conduct 1 - 5 reverse arbitrage. PTA supply decreases while demand increases, but high坯布 inventory and weak crude oil prices affect its performance [8]. - MEG has a weak and oscillating unilateral trend. Hold the mid - term position of long MEG and short PTA. Keep the 9 - 1 spread in the range of - 50 to 0 and pay attention to 1 - 5 reverse arbitrage. This week, both supply and demand of ethylene glycol increase, but the near - end driving force for the industrial chain is weak [9]. Market Dynamics PX - On the 12th, the price of PX decreased, with an Asian spot for October trading at 834. There was no negotiation for September at the end of the session, and the negotiation ranges for October and November were 833/840 and 821/837 respectively. The 9/10 swap changed from +5 to -1 on the 12th. The news of a 90 - day extension of the Sino - US tariff truce buffered the loss in the PX market, and crude oil futures rose during the session. The PX - naphtha price spread narrowed to 263.67 dollars/ton [5]. PTA - A 700,000 - ton PTA plant in Taiwan, China, stopped on the weekend, and the restart time is to be tracked. A 2.2 - million - ton PTA plant in East China is currently restarting after a maintenance starting around August 1st [6]. MEG - From August 11th to 17th, the expected arrival quantities at Zhangjiagang, Taicang, Ningbo, and Shanghai ports are 46,000 tons, 95,000 tons, 0 tons, and 0 tons respectively, with a total expected arrival at major ports of about 141,000 tons [6]. Polyester - On the 12th, the sales of direct - spun polyester staple fibers were average, with an average sales - to - production ratio of 52%. The sales of polyester yarns in Jiangsu and Zhejiang were weak, with an estimated average sales - to - production ratio of 30% - 40% [6][7]. Trend Intensity - PX trend intensity is -1, indicating a weak trend [7]. - PTA trend intensity is -1, indicating a weak trend [7]. - MEG trend intensity is 0, indicating a neutral trend [7]. Futures and Spot Data Futures - PX, PTA, MEG, PF, and SC had price increases of 0.80%, 0.42%, 0.41%, 0.37%, and 1.19% respectively. The 9 - 1 month - spreads of PX, PTA, MEG, PF, and SC changed by 18, -8, -3, -14, and -1.3 respectively [4]. Spot - The prices of PX CFR China, PTA in East China, MEG spot, naphtha MOPJ, and Dated Brent changed by -1, 10, 18, 2, and -0.49 respectively. The PX - naphtha price spread, PTA processing fee, short - fiber processing fee, bottle - chip processing fee, and MOPJ naphtha - Dubai crude oil spread changed by -7.5, 25.77, 24.14, 23.07, and 0 respectively [4].

Report Information - Report Title: LPG Industry Weekly Report - Report Date: August 10, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Report Industry Investment Rating - The provided content does not mention the industry investment rating. Core Viewpoints - Some plant restarts have driven the PDH operating rate up to around 73%, and there are still new production plans in August, with a marginal improvement in chemical demand [3]. - The sales-to-production ratio of sample enterprises is 101%, a 1-percentage-point increase from the previous period, indicating a short-term relief of shipment pressure [3]. - Port inventories have increased to 321.6 million tons (+8.2 million tons), reaching a new high for the year, with significant supply pressure [3]. - The official August CP price for propane is $520 per ton ($55 lower than the previous period), and the landed cost is suppressing domestic prices [3]. - During the off-season, combustion demand is weak. The increase in chemical demand cannot offset the pressure of high inventories. Coupled with the decline in import costs, LPG will continue its volatile and weak pattern [4]. Data Charts - The content includes multiple data charts, including the settlement price of propane's Far East landed price FEI: M1 (daily), the seasonal ratio of FEI to Brent (daily), PDH profit/operating rate, the seasonal ratio of FEI to MOPJ spread (daily), FEI discount, Middle East offshore discount (daily), the settlement price of propane's US offshore price: M1 (daily), the seasonal ratio of MB to WTI (daily), CP M1 - MB M1, VLGC freight, US propane weekly production, US propane import volume (weekly seasonal), US propane inventory (weekly seasonal), and US propane export volume (weekly seasonal) [5][9][12][15][17]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The PTA market is waiting for the peace - talk information between the US and a European country. International oil prices are weak, and PTA has insufficient cost support. With a weak supply - demand structure, the PTA market declined slightly today. The PTA supply has shrunk, and port inventories have decreased. The spread between PX and naphtha has expanded, but alkyl transfer and TDP profit margins are not optimistic. PTA basis has weakened, and market replenishment willingness has declined [2] - The coal price has rebounded, driving up the ethylene glycol price. However, the macro - sentiment has weakened slightly, and the chemical industry has followed the weakening of bulk commodities. Overseas ethylene glycol plant maintenance, especially in Saudi Arabia, has been continuously postponed, which may significantly affect the market. The future arrival volume of ethylene glycol has decreased. Polyester production and sales have weakened, downstream weaving profits have shrunk, and terminal loads have significantly declined, which is a negative impact on the market [2] Group 3: Summary by Relevant Catalogs 1. Market Data - **Crude Oil**: INE crude oil price dropped from 501.0 yuan/barrel on August 7th to 489.8 yuan/barrel on August 8th, a decrease of 11.20 yuan/barrel [2] - **PTA**: The PTA - SC spread increased from 1047.2 yuan/ton to 1124.6 yuan/ton, a rise of 77.39 yuan/ton. The PTA/SC ratio increased from 1.2876 to 1.3159, an increase of 0.0283. The PTA main - contract futures price dropped from 4688 yuan/ton to 4684 yuan/ton, a decrease of 4.0 yuan/ton. The PTA spot price dropped from 4690 yuan/ton to 4670 yuan/ton, a decrease of 20.0 yuan/ton. The spot processing fee increased from 150.6 yuan/ton to 191.7 yuan/ton, a rise of 41.2 yuan/ton. The futures - based processing fee increased from 163.6 yuan/ton to 205.7 yuan/ton, a rise of 42.2 yuan/ton. The PTA main - contract basis increased from (20) to (18), an increase of 2.0. The PTA warehouse - receipt quantity remained unchanged at 33459 [2] - **PX**: CFR China PX price dropped from 840 to 831, a decrease of 9. The PX - naphtha spread increased from 259 to 261, an increase of 2 [2] - **MEG**: The MEG main - contract futures price dropped from 4396 yuan/ton to 4384 yuan/ton, a decrease of 12.0 yuan/ton. The MEG - naphtha spread increased from (90.51) yuan/ton to (89.70) yuan/ton, an increase of 0.8 yuan/ton. The MEG domestic price dropped from 4486 to 4465, a decrease of 21.0. The MEG main - contract basis decreased from 76 to 73, a decrease of 3.0 [2] 2. Industry Chain Operating Rates - PX operating rate remained unchanged at 78.11%. PTA operating rate dropped from 76.09% to 74.50%, a decrease of 1.59%. MEG operating rate remained unchanged at 58.15%. Polyester load remained unchanged at 87.09% [2] 3. Polyester Product Data - **Polyester Filament**: POY150D/48F price dropped from 6665 to 6660, a decrease of 5.0. POY cash flow increased from (98) to (79), an increase of 19.0. FDY150D/96F price dropped from 6965 to 6960, a decrease of 5.0. FDY cash flow increased from (298) to (279), an increase of 19.0. DTY150D/48F price dropped from 7910 to 7890, a decrease of 20.0. DTY cash flow increased from (23) to (49), an increase of 4.0. Polyester filament production and sales increased from 38% to 40%, an increase of 2% [2] - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple fiber price remained unchanged at 6550. Polyester staple fiber cash flow increased from 137 to 161, an increase of 24.0. Polyester staple fiber production and sales increased from 46% to 57%, an increase of 11% [2] - **Polyester Chips**: Semi - bright chip price dropped from 5805 to 5795, a decrease of 10.0. Chip cash flow increased from (58) to (44), an increase of 14.0. Chip production and sales decreased from 92% to 89%, a decrease of 3% [2] 4. Device Maintenance - A 720 - million - ton PTA plant of a supplier in East China reduced its load to 80 - 90% last night, and the recovery time depends on raw - material logistics [2]

Core View - Propane dehydrogenation unit operating rate increased to 73.13% (weekly increase of 1.35%), and the support for chemical demand marginally strengthened [2] - Saudi CP prices were lowered (propane at $575/ton, butane at $545/ton), reducing the import cost at the port of arrival and partially alleviating domestic price pressure [2] - Domestic refinery operating rate was at a high level, with the commercial volume maintained above 520,000 tons and port inventory exceeding 3 million tons [2] - Consumption was sluggish during the off - season, and the sales - to - production ratios in East China and South China dropped to 99% and 93% respectively (weekly decrease of 1% - 7%) [2] - Despite the marginal improvement in chemical demand, supply pressure and the off - season for combustion dominated the market. Coupled with high port inventory, the price rebound space was limited [3] Data Charts - The report includes multiple data charts, such as the daily settlement price of propane's Far - East Inbound Price FEI: M1, the seasonal comparison between FEI and Brent, PDH profit/operating rate, FEI/MOPJ spread seasonality, propane's US FOB price, MB and WTI ratio seasonality, VLGC freight, US propane weekly production, import volume, inventory, and export volume [4][5][7]

Supply - Global shipments decreased by 78,000 tons to 29.871 million tons this week, with Australia and Brazil's total shipments increasing by 810,000 tons to 24.198 million tons [1] - The four major mining companies' shipments rose by 132,000 tons to 2.133 million tons, while shipments from other non-mainstream countries fell by 88,000 tons to 489,000 tons [1] - The total arrival volume at 45 ports was 26.621 million tons, an increase of 178,200 tons [1] Demand - Daily pig iron production averaged 2.4244 million tons, an increase of 26,300 tons [1] - The blast furnace operating rate was 83.46%, up by 0.31% [1] - The utilization rate of blast furnace ironmaking capacity reached 90.89%, an increase of 0.98% [1] - Steel mill profit margin was 60.17%, up by 0.43% [1] Inventory - Port inventory saw a slight increase, with average daily dispatch volume rising, while steel mills' imported ore inventory decreased [1] - The inventory at 45 ports was 137.8521 million tons, an increase of 193,200 tons [1] - The average daily dispatch volume at 45 ports was 3.2274 million tons, an increase of 32,300 tons [1] - Steel mills' imported ore inventory was 88.2216 million tons, a decrease of 1.5748 million tons [1] Market Outlook - The iron ore September contract showed a strong upward trend this week, with a slight decrease in global shipment volume but an increase in shipments from Australia and Brazil [2] - The arrival volume at 45 ports increased slightly, and the demand side saw a recovery in pig iron production, returning to over 2.4 million tons per day [2] - Steel mill profit margins remain high, and the Ministry of Industry and Information Technology is expected to announce a growth plan for key industries, which may support demand [2] - Short-term iron ore prices are expected to remain strong, with strategies suggesting to buy on dips [2]

Report Summary 1. Industry Investment Rating No information provided. 2. Core View The supply of pure benzene remains ample due to the restart of large domestic plants and high port arrivals. Downstream demand is limited, mainly supported by styrene and caprolactam. There are plans for new downstream plants to start production this month, which may improve the supply - demand imbalance. In the short term, the low - valuation situation of spot goods caused by weak supply - demand may continue, and the spot price of pure benzene is expected to fluctuate at a low level. The daily operating range of BZ2603 is expected to be around 6070 - 6200 [2]. 3. Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene is 6122 yuan/ton, down 44 yuan; the main settlement price is 6139 yuan/ton, down 14 yuan. The main trading volume is 12912 lots, down 1137 lots; the main open interest is 13126 lots, down 765 lots [2]. Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions are 5960 yuan/ton, 5800 yuan/ton, 5950 yuan/ton, and 5800 yuan/ton respectively, with changes of - 10 yuan/ton, - 60 yuan/ton, 0 yuan/ton, and - 40 yuan/ton [2]. - The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi regions are 5950 yuan/ton and 5675 yuan/ton respectively, with changes of - 50 yuan/ton and 0 yuan/ton [2]. - The spot price of pure benzene in South Korea (FOB) is 724 dollars/ton, unchanged; the CIF price in China is 740.5 dollars/ton, unchanged [2]. Upstream Situation - The spot price of Brent DTD crude oil is 70.18 dollars/barrel, down 0.93 dollars; the CFR price of naphtha in Japan is 581.38 dollars/ton, down 2.37 dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 43.17 tons, down 0.16 tons. The port inventory is 17.4 tons, down 0.3 tons [2]. - The production cost of pure benzene is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The开工率 of styrene is 79.21%, down 0.82%; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid are 95.72% (up 6.41%), 78.54% (down 0.46%), 69.24% (down 0.1%), and 64.3% (up 2%) respectively [2]. Industry News - From July 4th to 10th, the weekly profit of pure benzene was 584 yuan/ton, down 153 yuan/ton compared to the previous period [2]. - As of July 14th, the commercial inventory of pure benzene in Jiangsu ports was 16.4 tons, down 5.75% from the previous period [2]. - BZ2603 fluctuated weakly, closing at 6122 yuan/ton. Last week, the impact of shutdowns of petroleum benzene plants expanded, with the capacity utilization rate down 0.29% to 77.85%; three hydrogenated benzene plants shut down, with the capacity utilization rate down 9.32% to 61.95% [2].

Group 1: Market Data - The prices of South China LPG, East China LPG, and Shandong LPG on July 7, 2025, were 4660, 4529, and 4590 respectively [1] - The propane CFR South China was 580, propane CIF Japan was 539, and MB propane spot was 74 on July 7, 2025 [1] - The CP forecast contract price was 560 on July 7, 2025, and the paper import profit was -122, with a daily change of -46 [1] - The main contract basis was 440 on July 7, 2025, with a daily change of -9 [1] Group 2: Market Trends - The PG futures slightly strengthened, and the monthly spread widened. The 08 - 09 spread was 111 [1] - The US - Far East arbitrage window was closed [1] - The cheapest deliverable was East China civil LPG at 4529 [1] - The PP price declined, FEI and CP prices dropped, while the CP discount increased, and the production profit of PP made from FEI and CP rose [1] - The overall futures market was in a weak and volatile state, with a small change in the basis (349) and a slight increase in the August - September spread (97) [1] - The import cost decreased significantly, the FEI offshore discount declined, and the CP propane - butane arrival discount strengthened [1] - The outer - market monthly spread weakened significantly, and the oil - gas ratio increased [1] - The domestic - foreign price difference strengthened, with PG - CP reaching 22.5 (+26.5) and FEI - CP reaching -22.75 (+35) [1] Group 3: Fundamental Analysis - Domestically, port inventory, factory inventory, and external sales volume remained basically flat [1] - PDH operating rate decreased to 65.49% (-5.05pct), with improved profit, and it was expected to increase slightly in the future [1] - The alkylation operating rate remained unchanged, and it was expected to increase due to the planned restart of some devices [1] - Shandong civil LPG price first decreased and then increased (4610), with low domestic gas supply, sufficient arrivals, weak combustion demand, and chemical demand support [1] - East China civil LPG price declined (4529), with a general trading atmosphere, and it was expected to remain weak due to more arrivals and off - season demand [1] - South China civil LPG price fluctuated downward (4660) due to high import cost and weak terminal demand [1]

Report Industry Investment Rating - The investment rating for the industry is neutral [3] Core Viewpoints - In the pure benzene market, the pressure of South Korea's shipments to China remains high, domestic production starts to decline from a high level, and the demand for pure benzene increases after the destocking of downstream CPL inventory. However, the inventory of pure benzene continues to accumulate, and the port inventory pressure is still at a relatively high level compared to the same period. In the styrene market, the port inventory is in a continuous accumulation cycle, and the EB basis drops rapidly after the paper cargo delivery. The domestic EB operating rate is at a high level, and the factory inventory continues to rise. The operating rates of downstream PS and ABS are still low [2] Summary by Directory EB& Pure Phenyl Difference Structure and Related Spreads - The report presents multiple figures related to EB and pure phenyl difference structures and related spreads, including EB main contract trends and basis, EB main contract basis, the spread between the first and third contracts of styrene, the production profit of non - integrated styrene plants, the spot - M2 paper cargo spread of East China pure benzene, the spread between pure benzene CFR China and naphtha, the spread between pure benzene FOB US Gulf and FOB South Korea, and the immediate import profit of Chinese pure benzene [6][9][10] EB& Pure Benzene Operating Rate and Inventory - The report shows figures about the operating rates and inventories of EB and pure benzene, such as the East China port inventory of pure benzene, the operating rate of pure benzene, the East China port inventory of styrene, the operating rate of styrene, the East China commercial inventory of styrene, and the factory inventory of styrene [24][26][29] Downstream Operating Rate and Production Profit - The report provides information on the operating rates and production profits of downstream products, including the operating rate and production profit of EPS, the operating rate and production profit of PS, and the operating rate and production profit of ABS [38][43][47] Production Profit of Pure Benzene Downstream - The report includes figures on the production profits of pure benzene downstream products, such as the production profit of caprolactam, the production profit of phenol - acetone, the production profit of aniline, the production profit of adipic acid, the production profit of PA6 regular spinning bright, the production profit of nylon filament, the production profit of bisphenol A, the production profit of PC, the production profit of epoxy resin E - 51, the production profit of pure MDI, and the production profit of polymer MDI [54][56][60]

Report Summary 1) Report Industry Investment Rating - No relevant information provided. 2) Core Viewpoint of the Report - The fundamentals of the LPG market are improving marginally but still face pressure, with significant geopolitical risks. It is recommended to operate with caution [1]. 3) Summary According to Relevant Catalogs - **Price and Basis Information**: - The cheapest deliverable is Shandong civil gas at 4,550 yuan. The PP price has risen, and PDH production profit has improved, while FEI production profit is lower than CP. The PG futures price has increased significantly, and the 07 - 09 spread has changed from -11 to 103. The US - Far East arbitrage window is closed [1]. - Civil gas prices have risen significantly, and the cheapest deliverable is East China civil gas at 4,603 yuan. Shandong shows signs of stabilization; East China is generally weak due to the expected commissioning of Zhenhai Phase II but has marginally improved due to the postponed commissioning of Daxie; South China's spot prices have rebounded due to the impact of typhoons on ship arrivals. The PG futures is strongly running, the basis of the 07 contract has weakened to 221 (-130), and the 07 - 09 spread is now 195 (+10) [1]. - **External Market and Spread Information**: - External market prices have strengthened significantly, mainly affected by geopolitical factors. In terms of spreads, PG - CP has reached 18 US dollars (+27), and FEI - CP is -19 (+31). Freight rates have increased, and the waiting time for VLGCs at the Panama Canal has decreased [1]. - Among product spreads, PDH production profit has worsened, FEI production profit is lower than CP; the profitability of alkylated oil has decreased significantly; MTBE gas - fractionation etherification profit has increased, while isomerization etherification profit has decreased; FEI - MOPJ and naphtha cracking spreads have declined [1]. - **Fundamental Information**: - Both port inventories and factory inventories have decreased. Arrivals and out - shipments have declined, and it is expected that out - shipments will increase and arrivals will decrease in the future [1]. - Chemical demand has generally improved. The PDH operating rate has increased to 64.3%, the alkylation operating rate has increased to 48.18%, and MTBE production has also increased significantly. A large number of MTBE export orders support the price. With rising temperatures, combustion demand is expected to decline [1]. - The number of registered warehouse receipts is 9,005 lots (-335) [1].

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The fundamentals of the LPG market are marginally improving but still under pressure, with significant geopolitical risks. It is recommended to operate with caution [1] 3) Summary by Relevant Content a) Price Changes - **Daily Changes**: In the civil gas segment, prices in Shandong remained stable at 4610, increased by 61 to 4677 in East China, and decreased by 30 to 4690 in South China. The price of ether - post carbon four decreased by 20 to 4960. The cheapest deliverable was Shandong civil gas at 4610. The PP price declined, PDH production profit worsened, and FEI production profit was lower than CP. The PG futures price was revised downwards, the basis of the 07 contract increased by 16 to 228, and the 07 - 09 spread decreased by 18 to 160. The US - to - Far - East arbitrage window closed [1] - **Weekly Changes**: Civil gas prices rose significantly, with the cheapest deliverable being East China civil gas at 4603. There were signs of stabilization in Shandong; the market in East China was generally weak due to the expected commissioning of Zhenhai Phase II but improved marginally due to the postponed commissioning of Daxie; the spot market in South China rebounded due to the impact of typhoons on ship arrivals. The PG futures market was strong, the basis of the 07 contract weakened to 221 (-130), and the 07 - 09 spread was 195 (+10). The external market price strengthened significantly, mainly affected by geopolitical factors. In terms of spreads, PG - CP reached 18 US dollars (+27), and FEI - CP reached -19 (+31). Freight rates increased, and the waiting time at the Panama Canal for VLGCs decreased [1] b) Production Profit and Market Conditions - PDH production profit worsened, and FEI production profit was lower than CP. The profitability of alkylated oil decreased significantly, MTBE gas - fractionation etherification profit increased, isomerization etherification profit decreased, and the spreads of FEI - MOPJ and naphtha cracking decreased [1] c) Supply and Demand - **Supply**: Port inventories and factory inventories decreased. Arrivals and external shipments declined, and it is expected that external shipments will increase and arrivals will decrease in the future [1] - **Demand**: Chemical demand improved overall. The operating rate of PDH increased to 64.3%, the operating rate of alkylation increased to 48.18%, and MTBE production increased significantly. With rising temperatures, combustion demand is expected to decline [1] d) Futures Market - The PG futures price was adjusted. The basis of the 07 contract and the 07 - 09 spread changed. The number of registered warehouse receipts was 9005 lots (-335) [1]