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LPG早报-20250929
Yong An Qi Huo· 2025-09-29 01:15
| | | | | | | LPG早报 | | | | 研究中心能化团队 2025/09/29 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | | | | | | | | | | | | | 日期 | 华南液化气 | 华东液化 气 | 山东液化气 | 丙烷CFR华 南 | 丙烷CIF日 本 | MB丙烷现 货 | CP预测合 同价 | 山东醚后碳四 | 山东烷基 化油 | 纸面进口利 润 | 主力基差 | | 2025/09/2 2 | 4640 | 4385 | 4550 | 590 | 536 | 71 | 544 | 4680 | 7680 | -181 | 211 | | 2025/09/2 3 | 4600 | 4385 | 4550 | 590 | 540 | 71 | 544 | 4670 | 7680 | -220 | 250 | | 2025/09/2 4 | 4600 | 4387 | 4550 | 587 | 538 | 72 | 544 | 4630 | 76 ...
LPG早报-20250917
Yong An Qi Huo· 2025-09-17 00:54
Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The LPG market is expected to remain weak overall. The cheapest delivery location is Shandong, where the supply is abundant due to incoming resources, while the chemical demand is declining [1]. 3) Summary According to Relevant Information Price and Basis - **Domestic Prices**: On September 17, 2025, the prices in East China were 4499 (-5), in Shandong were 4540 (+10), and in South China were 4550 (+10). The price of ether - post - carbon four was 4720 (-70). The lowest delivery location was East China [1]. - **Basis and Spreads**: The basis of the PG main contract weakened to 51 (-74). The 10 - 11 month spread was 49 (-20), and the 11 - 12 month spread was 62 (+3) [1]. - **External Prices**: FEI and CP were 561 (+3) and 552 (+2) dollars/ton respectively. The FEI month spread decreased slightly to -5, and the CP month spread decreased to -11. The external prices increased, with the FEI month spread +1, the MB month spread unchanged, and the CP month spread -2.5 [1]. - **Internal - External Price Difference**: The internal - external price difference decreased slightly. PG - CP was 75 (-3); PG - FEI was 67.6 (-9.3). FEI - CP was 7.5 (+6.5). The US - Asia arbitrage window was closed [1]. Inventory and Demand - **Inventory**: Port inventory and factory inventory both increased. Incoming shipments decreased, while outward shipments increased slightly, but demand narrowed [1]. - **Demand**: Chemical demand declined. The PDH operating rate was 70.49% (-2.61). The operating rates of alkylation and MTBE both decreased [1]. Profitability - **Production Profits**: The profit of PDH to produce PP continued to weaken, and the production gross margins of alkylated oil and MTBE were low [1]. Freight - Freight rates continued to rise. The latest freight from the US Gulf to Japan was 155 (+11), and from the Middle East to the Far East was 82 (+7) [1].
LPG早报-20250915
Yong An Qi Huo· 2025-09-15 01:17
Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - With oil prices falling, the PG spot market is weak, and both civil gas and ether - post carbon four prices have declined. The overall market is expected to remain weak due to sufficient supply from incoming resources and a decline in chemical demand, especially with the drop in PDH, alkylation, and MTBE operating rates [1] 3. Summary by Relevant Catalog Price Changes - **Spot Prices**: Civil gas prices in East China are at a low of 4507 (+0), in Shandong 4500 (+0), and in South China 4550 (-40). Ether - post carbon four is at 4760 (-40). The lowest delivery location is Shandong [1] - **Futures Prices**: The PG main contract fluctuates strongly. The cheapest deliverable is Shandong civil gas at 4500. The basis weakens to 51 (-74), the 10 - 11 month spread is 49 (-20), and the 11 - 12 month spread is 62 (+3) [1] - **External Prices**: FEI and CP drop slightly by 2 dollars to 550 and 546 dollars/ton respectively. FEI month - spread is +1, MB month - spread is unchanged, and CP month - spread is -2.5. The internal - external price difference decreases slightly [1] Market Conditions - **Inventory**: Port and factory inventories increase as inbound shipments decrease, outbound shipments increase slightly, but demand narrows [1] - **Demand**: Chemical demand drops. PDH operating rate is 70.49% (-2.61), with some plants resuming, others under maintenance or reducing loads. Alkylation and MTBE operating rates also decline [1] - **Arbitrage and Freight**: The US - Asia arbitrage window closes. Freight rates continue to rise, with the US Gulf - Japan at 155 (+11) and the Middle East - Far East at 82 (+7) [1]
LPG早报-20250901
Yong An Qi Huo· 2025-09-01 04:21
报告行业投资评级 - Not provided 报告的核心观点 - PG main contract fluctuates weakly, with the cheapest deliverable being East China civil LPG at 4481. The basis first weakens then strengthens to 70 (+59). The 9 - 10 spread is -721 (-212), and the 10 - 11 spread is 87 (+7). The registered warrant volume is 13207 lots (+320). The September CP official price remains stable, with propane and butane at 520/490. The fundamentals show that port inventories are decreasing, refinery commercial volume increases by 2.47%, and overall, the market is expected to rise steadily [1] 根据相关目录分别进行总结 日度变化 - The daily change shows that the price of South China LPG remains unchanged, East China LPG increases by 5, Shandong LPG remains unchanged, propane CFR South China increases by 6, propane CIF Japan increases by 5, MB propane spot decreases by 1, CP forecast contract price decreases by 1, Shandong ether - post - carbon four increases by 20, Shandong alkylated oil remains unchanged, paper import profit decreases by 47, and the main basis increases by 3. P - to - PP production profit weakens, CP production cost is lower than FEI. The PG futures fluctuates, and the 10 - 11 spread is 87 (+10). The US - to - Far - East arbitrage window is closed. The cheapest deliverable on Friday is East China civil LPG at 4481 [1] 周度观点 - The PG main contract fluctuates weakly. The cheapest deliverable is East China civil LPG at 4481. The basis first weakens then strengthens to 70 (+59). The 9 - 10 spread is -721 (-212), the 10 - 11 spread is 87 (+7). The registered warrant volume is 13207 lots (+320). The September CP official price remains stable, with propane and butane at 520/490. FEI and CP spreads fluctuate, MB spreads strengthen, and the oil - gas ratio changes little. The domestic - foreign spread fluctuates. The PG - CP is 106, the PG - FEI is 85, and the FEI - CP is 21.5 (+4.5). The US - Asia arbitrage window fluctuates and is closed. The AFEI offshore discount is 5.5 (-0.5), and the CP South China CIF discount is 65 (+8). Freight rates are flat, the waiting time at the Panama Canal decreases, but the auction fee remains high. The FEI - MOPJ widens to -56 (-10), and the naphtha crack spread strengthens slightly. PDH spot profit changes little, and paper profit fluctuates downward. The production gross profit of alkylated oil declines. MTBE gross profit decreases. Fundamentally, port inventories are decreasing, refinery commercial volume increases by 2.47%, and plant inventories increase but are generally controllable. PDH operating rate is 73.02% (-2.64pct), Wanhua Phase II is under maintenance, and Quanzhou Guoheng restarts at the end of the week. Next week, Quanzhou Guoheng is expected to increase production, and Hebei Haiwei plans to shut down. The alkylation operating rate is 48.42% (+0.74), and the MTBE operating rate is 63.54% (+0). Although the peak season is coming to an end, demand remains weak. East China is the cheapest delivery area, with expected tight supply, improved demand, and increased import costs, and the overall market rises steadily [1]
BZ:预期改善EB:行情平淡
Zi Jin Tian Feng Qi Huo· 2025-08-18 09:17
Report Industry Investment Rating - The overall investment rating is neutral [4] Core Viewpoints - For pure benzene, last week's supply increased with a new Jingbo plant producing products and no new device maintenance. August's supply is expected to continue rising. Imports are expected to decline in August as the US - Asia arbitrage window closed and the China - South Korea price difference is weak. In the short - term, demand may rise or remain stable due to the commissioning of Jingbo's styrene plant and high operating rates of caprolactam and aniline. In the long - run, demand may weaken due to weak downstream profits. Inventory is expected to decrease, and the current valuation is low [4]. - For styrene, last week's supply decreased. There were no new maintenance devices, but overall supply was high in August and may tighten in September due to multiple device overhauls. Downstream "Three S" comprehensive operating rates are weak, and demand is poor with high inventory. However, current downstream comprehensive profits are good, and short - term operating rates are expected to remain stable. Inventory is expected to continue increasing, and the valuation is neutral [4]. Summary by Relevant Catalogs Pure Benzene Supply - There are no new device overhauls, and the current operating rate is at a high level, so supply is expected to continue increasing. The restart of some devices and the commissioning of new ones are expected to increase August's output by 70,000 tons month - on - month, still facing great supply pressure [5][16]. Demand - Downstream overall operating rates are high. With the commissioning of the new downstream styrene plant, overall demand is expected to be good [5]. Inventory - Last week, the East China port inventory was 152,000 tons, a month - on - month decrease of 10,000 tons. Overall, pure benzene supply and demand are both increasing, and subsequent inventory is expected to decrease [45]. Valuation - The BZN spread is weak, and the overall valuation of pure benzene is not high [45]. Month - to - Month Spread - Pure benzene is expected to see inventory reduction, and the paper - goods month - to - month spread structure has shifted to the B structure, with the spread likely to strengthen later [5]. Styrene Supply - New device commissioning is expected to increase August's supply, but it may contract in September due to more overhauls. Last week, the operating rate decreased, and overall supply declined. With the commissioning of Jingbo and the restart of overhauled devices, August's supply is expected to increase by about 48,000 tons month - on - month [5][61]. Demand - Downstream "Three S" operating rates remain stable but are weak. Overall downstream profits are good, and demand is expected to remain stable. Currently, the "Three S" are in the off - season, with certain demand resilience, but high inventory may lead to weaker demand later [5][94]. Inventory - Last week, the East China port inventory decreased to 150,500 tons, the South China port inventory increased to 14,500 tons, and the overall port inventory decreased to 165,000 tons. Overall, styrene inventory is expected to increase later [91][94]. Valuation - The BZ - SM spread has decreased significantly, and the styrene valuation is neutral [4]. Month - to - Month Spread - The pattern of strong supply and weak demand combined with improved long - term expectations is expected to maintain the C structure [5]. External Market Support - The US - Asia arbitrage window has been continuously closed. In the first 10 days of August, 38,725 tons of pure benzene were imported from South Korea, a significant month - on - month decrease compared to July and a year - on - year low [5]. Regional Market Conditions Pure Benzene - In North America, there is a large amount of pure benzene inventory due to advance stocking in anticipation of tariffs and poor downstream demand. In Western Europe, traditional downstream demand is sluggish, and pure benzene profits have deteriorated, with Brazilian pure benzene possibly being resold to Europe. In Asia, the US - Asia arbitrage window is closed, and China's pure benzene demand remains stable [50]. Styrene - In North America, the spot market is weak, sellers are reluctant to sell due to low profits, and tariffs have weakened styrene's export competitiveness. In Western Europe, supply is relatively stable, but demand is weak. In Asia, China's downstream demand is stable, while demand outside China remains weak, and styrene production is in the red. Southeast Asian overhauls in August may tighten supply. The US - Europe arbitrage window is open, and the US - Asia arbitrage window is closed [110].
LPG早报-20250814
Yong An Qi Huo· 2025-08-14 02:55
Group 1: Report Industry Investment Rating - No investment rating information is provided in the report [1] Group 2: Core Viewpoints - The spot price center has moved down, with the cheapest deliverable being South China civil LPG at 4380. The PG futures market is running weakly. The basis has strengthened to 606 (+161). The inter - monthly reverse spread has continued to strengthen, with the September - October spread at - 478 (-39). The registered warrants have increased to 10179 lots (+420). The international market fundamentals are loose, with FEI and CP fluctuating and MB weakening. The North Asian - Middle East oil - gas price ratio has declined, and the North American oil - gas price ratio has slightly increased. The internal - external price difference has decreased significantly. The US - Asia arbitrage window has opened. The freight rates from the US Gulf to Japan and the Middle East to the Far East have increased. The waiting time for VLGCs at the Panama Canal has increased but is expected to decline. The FEI - MOPJ spread has significantly narrowed. The naphtha crack spread has strengthened. The PDH spot profit has weakened, while the paper profit has continued to improve. The alkylation oil production gross profit has decreased. The MTBE gas - fractionation etherification gross profit has slightly increased, and the isomerization etherification gross profit has slightly decreased. Fundamentally, the unloading volume has increased, port inventories have risen, factory inventories have decreased by 0.51%, and the commodity volume has increased by 0.57%. The PDH operating rate is 73.84% (+1.21pct). Overall, without fundamental drivers, the market is expected to fluctuate [1] Group 3: Summary by Relevant Catalog Market Data - From August 7 to August 13, 2025, the prices of South China LPG, East China LPG, and Shandong LPG have shown different degrees of change. The daily change on August 13 shows that South China LPG decreased by 10, Shandong LPG decreased by 20, while East China LPG remained unchanged. The prices of propane CFR South China, propane CIF Japan, MB propane spot, and CP forecast contract price also had corresponding changes. The paper import profit decreased by 7, and the main basis decreased by 12 [1] Wednesday Situation - On Wednesday, the cheapest deliverable was South China civil LPG at 4350. FEI and CP decreased. PP fluctuated weakly. The production profits of PP made from FEI and CP fluctuated, and the CP production cost was lower than that of FEI. The PG futures market fluctuated, and the 09 - 10 month spread was - 473 (+8). The US - Far East arbitrage window was closed [1] Weekly Viewpoints - The spot price center has moved down, and the PG futures market is running weakly. The basis has strengthened, and the inter - monthly reverse spread has continued to strengthen. The registered warrants have increased. The international market fundamentals are loose. The North Asian - Middle East oil - gas price ratio has declined, and the North American oil - gas price ratio has slightly increased. The internal - external price difference has decreased significantly. The US - Asia arbitrage window has opened. The freight rates have increased. The waiting time for VLGCs at the Panama Canal has increased but is expected to decline. The FEI - MOPJ spread has significantly narrowed. The naphtha crack spread has strengthened. The PDH spot profit has weakened, while the paper profit has continued to improve. The alkylation oil production gross profit has decreased. The MTBE gas - fractionation etherification gross profit has slightly increased, and the isomerization etherification gross profit has slightly decreased. Fundamentally, the unloading volume has increased, port inventories have risen, factory inventories have decreased by 0.51%, and the commodity volume has increased by 0.57%. The PDH operating rate is 73.84% (+1.21pct) [1]
LPG早报-20250813
Yong An Qi Huo· 2025-08-13 03:01
Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The basis is strong, the futures valuation is low, and there is no fundamental driving force. The overall market is expected to fluctuate mainly [1] Group 3: Summary Based on Relevant Catalogs 1. Price and Data Changes - From August 6 - 12, 2025, the prices of South China LPG, East China LPG, and Shandong LPG showed a downward trend, with the Shandong LPG price dropping by 60 yuan on August 12 compared to the previous day; the propane CFR South China price increased by 5 dollars, and the propane CIF Japan price decreased by 4 dollars. The CP forecast contract price increased by 1 dollar, and the paper import profit decreased by 35 yuan, while the main basis decreased by 27 yuan [1] - On Tuesday, the cheapest deliverable was South China civil LPG at 4360 yuan. FEI and CP increased, PP fluctuated, the production profit of PP made from FEI and CP deteriorated, but the CP production cost was lower than that of FEI. The PG futures strengthened, and the monthly spread decreased, with the latest 09 - 10 spread at - 481 (-7). The US - to - Far - East arbitrage window was closed [1] - The spot price center moved down, with the cheapest deliverable being South China civil LPG at 4380 yuan. The PG futures weakened. The basis strengthened to 606 (+161). The inter - month reverse spread continued to strengthen, with the 9 - 10 monthly spread at 478 (-39). The warrant registration volume was 10179 lots (+420), with Qingdao Yunda decreasing by 35 lots and Wuzhong Dahua increasing by 455 lots [1] - Internationally, the market fundamentals were loose, FEI and CP fluctuated, and MB weakened. The oil - gas price ratio in North Asia and the Middle East decreased, while that in North America increased slightly. The internal - external price difference decreased significantly, with PG - CP at 9.3 (-21) and PG - FEI at - 2.5 (-16). The US - Asia arbitrage window opened. The freight from the US Gulf to Japan was 148 (+16), and that from the Middle East to the Far East was 85 (+11) [1] 2. Weekly Outlook - The waiting time for VLGCs at the Panama Canal increased, possibly due to the peak of container ship arrivals from the previous China - US tariff rush, but it is expected to decrease as the container ship shipments have passed the peak. The FEI - MOPJ spread narrowed significantly to - 38 (+15) [1] - The naphtha crack spread strengthened. The PDH spot profit weakened, while the paper profit continued to improve. The production gross profit of alkylated oil decreased. The MTBE gas - separation etherification gross profit increased slightly, and the isomerization etherification gross profit decreased slightly [1] - Fundamentally, the unloading volume increased, port inventories rose, factory inventories decreased by 0.51%, and the commodity volume increased by 0.57%. The PDH operating rate was 73.84% (+1.21 pct), with Tianjin Bohua resuming operation and Jiangsu Ruiheng restarting, but Binhuausing a fault to stop production for an expected 20 days. Wanda Tianhong is expected to restart next week [1]
LPG早报-20250811
Yong An Qi Huo· 2025-08-11 04:38
Report Industry Investment Rating - Not provided Core View of the Report - The overall LPG market is expected to fluctuate as the basis is strong, the futures valuation is low, and there is no fundamental driver [1] Summary by Relevant Catalog 1. Price Data - From August 4 - 8, 2025, the prices of South China LPG remained mostly stable at 4380 - 4390, East China liquefied gas slightly decreased from 4387 to 4403, and Shandong LPG remained at 4520 - 4530. Propane CFR South China increased from 540 to 555, propane CIF Japan fluctuated, MB propane fluctuated around 66 - 69, and CP forecast contract price increased from 521 to 522. Shandong ether - post carbon four increased from 4860 to 4910, and Shandong alkylation oil remained at 7830 - 7900. The paper import profit decreased from - 79 to - 207, and the main basis increased from 494 to 606. The daily change on August 8 showed that South China LPG was unchanged, East China liquefied gas decreased by 3, propane CFR South China increased by 5, MB propane increased by 1, CP forecast contract price increased by 4, Shandong ether - post carbon four increased by 50, and the paper import profit decreased by 39, and the main basis increased by 49 [1] 2. Market Conditions - On Friday, the cheapest deliverable was South China civil LPG at 4380. FEI decreased, CP increased. PP slightly decreased, the production profit of PP made from FEI improved, while the profit from CP slightly deteriorated, but the production cost of CP was lower than FEI. The PG futures weakened, and the monthly spread continued to weaken with the latest 09 - 10 at - 478 (- 10). The US - Far East arbitrage window opened [1] - The spot price center moved down, the cheapest deliverable was South China civil LPG at 4380. The PG futures trended weakly. The basis strengthened to 606 (+ 161). The inter - monthly reverse spread continued to strengthen with the 9 - 10 monthly spread at - 478 (- 39). The number of registered warehouse receipts was 10179 lots (+ 420), with 35 lots decreased in Qingdao Yunda and 455 lots increased in Wuchan Zhongda. The international market fundamentals were loose, FEI and CP fluctuated, and MB weakened. The North Asian - Middle Eastern oil - gas price ratio decreased, and the North American oil - gas price ratio slightly increased. The internal - external price difference decreased significantly, with PG - CP at 9.3 (- 21) and PG - FEI at - 2.5 (- 16). The US - Asia arbitrage window opened. The freight from the US Gulf to Japan was 148 (+ 16) and from the Middle East to the Far East was 85 (+ 11). The waiting time for VLGCs at the Panama Canal increased, possibly due to the peak of container ship arrivals from the previous Sino - US tariff rush shipments, but it is expected to decrease next [1] 3. Weekly View - The naphtha crack spread strengthened. The spot profit of PDH weakened, while the paper profit continued to improve. The production gross profit of alkylation oil decreased. The gross profit of MTBE gas separation and etherification slightly increased, and the gross profit of isomerization etherification slightly decreased. Fundamentally, the unloading volume increased, the port inventory increased, the factory inventory decreased by 0.51%, and the commercial volume increased by 0.57%. The PDH operating rate was 73.84% (+ 1.21pct), with Tianjin Bohua resuming operation, Jiangsu Ruiheng restarting, but Binhua shutting down due to a fault for an expected 20 days. Wanda Tianhong is expected to restart next week [1]
LPG早报-20250721
Yong An Qi Huo· 2025-07-21 10:07
Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - PG futures prices have been oscillating downward. Although the chemical demand outlook is relatively strong, the decline in oil prices and the weakening of international LPG prices have led to a weaker futures market. The cheapest deliverable is East China civil LPG at 4486. The basis has strengthened to 433 (+93). The inter - month reverse arbitrage has strengthened due to weak spot prices and the shift of the main contract. The number of registered warrants is 8804 lots (+500), with 500 lots added by Qingdao Yunda. The external market prices have continued to weaken, and the oil - gas ratio has increased. [1] - Despite the strong chemical demand expectations, under the suppression of weak combustion demand, the domestic LPG market is expected to continue the narrow - range oscillating trend. [1] Group 3: Summary by Related Catalogs Daily Data Summary - On July 18, 2025, the prices of South China LPG, East China LPG, and Shandong LPG were 4530, 4486, and 4610 respectively. The propane CFR South China was 553, propane CIF Japan was 505, MB propane spot was 71, and CP forecast contract price was 538. The price of Shandong ether - after carbon four was 4890, and Shandong alkylated oil was 8000. The daily changes were - 40, 0, 20, - 2, - 2, 1, - 8, 40, 80 respectively. The PG futures price decreased, the monthly spread declined, and the 08 - 09 spread was 63. The US - Far East arbitrage window opened. [1] Weekly View Summary - **Market Trend**: The PG futures market oscillated downward. The domestic LPG market is expected to continue the narrow - range oscillation due to weak combustion demand, despite strong chemical demand expectations. [1] - **Basis and Spread**: The basis strengthened to 433 (+93), and the inter - month reverse arbitrage strengthened. The number of registered warrants increased to 8804 lots (+500). [1] - **External Market**: The external market prices continued to weaken, and the oil - gas ratio increased. The regional spreads such as PG - CP, FEI - MB, FEI - CP, and FEI - MOPJ changed, and the US - Asia arbitrage window opened. [1] - **Profit Situation**: The PDH profit improved, while the MTBE export profit declined. [1] - **Inventory and Supply**: Port inventories increased significantly, and factory inventories increased slightly. The commodity volume decreased by 0.98% due to reduced supply in South China, increased self - use in Shandong, and limited supply in East China. [1] - **Chemical Demand**: Chemical demand is strong. The PDH operating rate increased significantly to 71.78% (+10.91pct), and the alkylation operating rate increased. MTBE export orders increased. [1]
LPG早报-20250718
Yong An Qi Huo· 2025-07-18 01:51
Group 1: Industry Investment Rating - No related content provided Group 2: Core Viewpoints - The PG market is mainly oscillating. The basis weakened slightly to 340 (-9), and the monthly spread also weakened slightly. The cheapest deliverable is East China civil gas at 4496. The import cost increased, and the external market price rose slightly. The domestic - foreign price difference weakened, and the US - Asia arbitrage window opened. This week, the arrivals increased, chemical demand decreased, combustion demand was average, and port inventory increased by 6.92%. Factory inventories were basically flat with regional differentiation. The PDH operating rate decreased to 60.87% (-3.12pct) but is expected to increase in the future. Overall, prices in Shandong and East China may rise due to chemical demand support, while the focus in South China is expected to move down due to weak combustion demand [1] Group 3: Summary by Related Content Price and Market Data - On July 1, 2025, the prices of South China LPG, East China LPG, Shandong LPG, etc. were recorded, and there were corresponding daily changes. For example, the daily change of South China LPG was -50, and the daily change of Shandong LPG was 0. The 08 - 09 monthly spread was 93 at one point and then 86 (-11), and the 08 - 10 monthly spread was -332 (-38) [1] Market Conditions - FEI and CP followed the decline of crude oil, the CP discount was basically flat, PP oscillated, and the production profit of FEI - and CP - based PP improved. The CP production cost was lower than that of FEI. The US - Far East arbitrage window was closed [1] Fundamental Situation - This week, the arrivals increased, chemical demand decreased, combustion demand was average, and port inventory increased by 6.92%. Factory inventories were basically flat with regional differentiation. East China accumulated inventory due to typhoon weather and weak combustion terminal demand, while South China had weak supply - demand and factory destocking. The PDH operating rate decreased to 60.87% (-3.12pct), but it is expected to increase in the future as some enterprises are expected to resume or increase production. Gasoline terminal demand was poor, MTBE was weakly sorted, and combustion demand was weak. The number of registered warehouse receipts was 8304 (-10) [1]