液化石油气日报 | 2025-07-08 供需延续宽松，市场驱动不足 市场分析 1、\t7月7日地区价格：山东市场，4550-4650；东北市场，4120-4310；华北市场，4460-4650；华东市场，4430-4650； 沿江市场，4620-4740；西北市场，4200-4400；华南市场，4570-4720。（数据来源：卓创资讯） 2、\t2025年7月下半月中国华东冷冻货到岸价格丙烷559美元/吨，跌1美元/吨，丁烷527美元/吨，跌1美元/吨，折合 人民币价格丙烷4401元/吨，跌9元/吨，丁烷4149元/吨，跌9元/吨。（数据来源：卓创资讯） 3、\t（2025年8月上半月中国华南冷冻货到岸价格丙烷557美元/吨，跌1美元/吨，丁烷527美元/吨，跌3美元/吨，折 合人民币价格丙烷4385元/吨，跌9元/吨，丁烷4149元/吨，跌9元/吨。数据来源：卓创资讯） 随着中东局势缓和，地缘溢价大幅回落，LPG盘面回到窄幅震荡状态，市场驱动不足。现货方面，山东、华北区 域有所下跌，其余区域维稳，下游刚需采购，氛围温和。供应方面，OPEC计划增产，海外供应维持充裕；国内供 尚可，整体供应充足。需求方面，民 ...

Group 1: Report Industry Investment Rating - The investment rating for the LPG industry is "shockingly weak" for unilateral trading, and there are no specific ratings for inter - period, cross - variety, spot - futures, and options strategies [2] Group 2: Core View of the Report - With the easing of the Middle East situation, the geopolitical premium has significantly declined, and the LPG market has returned to a shockingly weak state with insufficient market drivers. The reduction of Saudi Aramco's July CP price has a certain negative impact on the domestic market sentiment. The overall supply - demand pattern remains relatively loose, with abundant overseas supply and a gradual recovery of domestic refinery production. The combustion demand is weak, and although the PDH device's operating load has recovered, its profit is under pressure, restricting further increases in operating rate and raw material demand [1] Group 3: Summary by Related Catalog Market Analysis - On June 30, the regional prices in different markets were as follows: Shandong market 4550 - 4700 yuan/ton, Northeast market 4160 - 4310 yuan/ton, North China market 4540 - 4650 yuan/ton, East China market 4480 - 4700 yuan/ton, Yangtze River market 4670 - 4820 yuan/ton, Northwest market 4300 - 4400 yuan/ton, and South China market 4698 - 4750 yuan/ton [1] - In the first half of August 2025, the CIF prices of frozen propane and butane in East China were 580 dollars/ton (down 14 dollars/ton) and 535 dollars/ton (down 5 dollars/ton) respectively, equivalent to 4571 yuan/ton (down 113 yuan/ton) and 4216 yuan/ton (down 42 yuan/ton) in RMB. In South China, the CIF prices of frozen propane and butane were 585 dollars/ton (down 5 dollars/ton) and 535 dollars/ton (down 5 dollars/ton) respectively, equivalent to 4610 yuan/ton (down 42 yuan/ton) and 4216 yuan/ton (down 42 yuan/ton) in RMB [1] - Saudi Aramco's July CP prices for propane and butane were 575 dollars/ton (down 25 dollars/ton from June) and 545 dollars/ton (down 25 dollars/ton from June) respectively [1] Strategy - Unilateral: Shockingly weak; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [2]