Report Industry Investment Rating - Not provided Core View of the Report - The PG main contract is running strongly. The domestic chemical industry is firm, and there are expectations for the civilian sector to strengthen during the peak season, but the market valuation is high. The international propane market pattern is loose. Attention should be paid to the weather and the situation of cold snaps in the United States [4] Summary by Relevant Catalogs Daily Changes - On Wednesday, for civil gas, the price in East China was 4325 (-10), in Shandong was 4370 (-10), and in South China was 4345 (+0). The price of etherified C4 was 4590 (+0). The lowest delivery location was East China, with a basis of -60 (-62), and the 12 - 01 month spread was 81 (+20). FEI was 502 (-10) and CP was 486 (+14) dollars per ton [4] Weekly Views - The PG main contract showed a strong trend. The basis was 1 (-101), and the 12 - 01 month spread was 93 (+21). The cheapest delivery products were civil gas in East China at 4364 (-10), in Shandong at 4440 (+60), and in South China at 4460 (+10); etherified C4 was 4630 (+130). The overseas paper goods prices rose, the oil - gas ratio weakened slightly, the month spread strengthened, the domestic - foreign price difference weakened, PG - CP reached 128 (-9), and PG - FEI reached 111 (-2). The discount strengthened. The arrival discount of propane in East China was 78 (+8), and the FOB discounts of propane in AFEI, the Middle East, and the United States were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively. The freight weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level this year. The profit of propylene production from PDH in Shandong improved slightly, the profit of alkylation units deteriorated, the MTBE production profit fluctuated, and the export profit remained good. Domestic production decreased slightly, the arrival volume was limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), Donghua Zhangjiagang restarted, and Juzhengyuan and Haiwei stopped for maintenance [4]

Group 1: Report Core Information - The report is an LPG morning report by the energy and chemical team of the research center on November 17, 2025, presenting data from November 10 - 14, 2025 [4] Group 2: Daily Changes - On Friday, for civil LPG, prices were 4364 (-4) in East China, 4400 (+0) in Shandong, and 4460 (-30) in South China; ether - post - carbon four was 4630 (+0). The lowest delivery location was East China with a basis of 1 (-43), and the 12 - 01 month spread was 93 (-8). FEI was 502 (-1) and CP was 481 (-1) dollars/ton [4] Group 3: Weekly Views - The PG main contract showed a strong trend. The basis was 1 (-101), and the 12 - 01 month spread was 93 (+21). The cheapest delivery product was civil LPG in East China at 4364 (-10), 4440 (+60) in Shandong, 4460 (+10) in South China; ether - post - carbon four was 4630 (+130) [4] - The overseas paper cargo prices rose, the oil - gas ratio weakened slightly; the month spread strengthened; the domestic - foreign price difference weakened, with PG - CP at 128 (-9) and PG - FEI at 111 (-2) [4] - The discount strengthened. The arrival discount of propane in East China was 78 (+8), and the FOB discounts of AFEI, Middle East, and US propane were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively [4] - Freight rates weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level this year [4] - The profit of propylene production from PDH in Shandong recovered slightly; the profit of alkylation units deteriorated; the MTBE production profit fluctuated, and the export profit remained good [4] - Domestic production decreased slightly, arrivals were limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), with Donghua Zhangjiagang restarted and Juzhengyuan and Haiwei under maintenance and shut - down [4] - Overall, the domestic chemical market is strong, there is an expectation of a strong peak season for civil use, but the futures price is over - valued; the international propane market pattern is loose, and attention should be paid to the weather and cold snaps in the US [4]