1、\t8月19日地区价格：山东市场，4420-4500；东北市场，3900-4110；华北市场，4280-4620；华东市场，4280-4480； 沿江市场，4480-4700；西北市场，4200-4300；华南市场，4428-4580。（数据来源：卓创资讯） 2、\t2025年9月下半月中国华东冷冻货到岸价格丙烷568美元/吨，跌4美元/吨，丁烷545美元/吨，跌4美元/吨，折合 人民币价格丙烷4462元/吨，跌29元/吨，丁烷4281元/吨，跌30元/吨。（数据来源：卓创资讯） 3、\t2025年9月下半月中国华南冷冻货到岸价格丙烷560美元/吨，跌4美元/吨，丁烷537美元/吨，跌4美元/吨，折合 人民币价格丙烷4399元/吨，跌29元/吨，丁烷4219元/吨，跌29元/吨。（数据来源：卓创资讯） 液化石油气日报 | 2025-08-20 产销温和，下游刚需为主 市场分析 LPG整体供需格局维持宽松，市场弱势运行，近期出现一些边际利好但尚不足以逆转氛围，昨日外盘价格再度出 现下跌。现货方面，昨日山东、西北及华南区域价格上涨，其余区域维稳，整体市场产销温和，下游刚需为主。 供应方面，海外供应整体维持充裕 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The fundamentals of the LPG market are marginally improving but still under pressure, with significant geopolitical risks, and cautious operation is recommended [1]. 3. Summary by Relevant Catalog Market Price Data - From 2025/06/09 to 2025/06/13, prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, etc. showed various changes. For example, South China LPG increased from 4570 to 4640, with a daily change of +10; propane CFR South China increased from 596 to 615, with a daily change of +20 [1]. - In the civil gas segment, prices in Shandong increased by 30 to 4650, in East China by 111 to 4603, and in South China by 80 to 4710; ether - post - carbon four increased by 120 to 4950; the cheapest deliverable was East China civil gas at 4492 [1]. Profit and Spread - PDH production profit deteriorated, FEI production profit was lower than CP; alkylation oil profitability decreased significantly; MTBE gas - fractionation etherification profit increased, while isomerization etherification profit decreased; FEI - MOPJ and naphtha crack spreads declined [1]. - PG 07 contract basis changed from - 130 to 221; 07 - 09 monthly spread changed from - 6 to 195; PG - CP reached 18 US dollars (+27), FEI - CP reached - 19 (+31) [1]. Fundamentals - Port inventory and factory inventory both decreased. Arrivals and out - shipments declined, with expected subsequent increase in out - shipments and decrease in arrivals [1]. - Chemical demand improved overall. PDH operating rate increased to 64.3%, alkylation operating rate increased to 48.18%, and MTBE production also increased significantly [1]. Other Information - As temperatures rise, combustion demand is expected to decline [1]. - The number of registered warehouse receipts was 9005 lots (-335) [1].