Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The fundamentals of the LPG market are weak, and the short - term futures market is expected to fluctuate weakly [1] Group 3: Summary by Relevant Catalog Price and Market Conditions - On Friday, for civil LPG, prices in Shandong remained stable at 4780, in East China at 4938, and in South China dropped 50 to 5130; for imported LPG, prices in East China decreased 7 to 5136, and in South China decreased 60 to 5140; the price of ether - post carbon four rose 10 to 4810. The lowest price was Shandong civil LPG at 4780. The PG futures market fluctuated weakly, with the basis of the 06 contract at 433 and the 06 - 07 spread at 104. The US - to - Far - East arbitrage window was closed [1] - Last week, the domestic civil LPG market was weak. Prices in South China rose and then fell; those in East China and Shandong fluctuated weakly; the center of ether - post carbon four prices moved down significantly; the price of the cheapest deliverable (Shandong LPG) was 4800 yuan/ton. The futures market center moved down slightly; the 06 basis fluctuated; the 06 - 07 spread strengthened [1] Supply and Demand - The LPG commodity volume was 48.55 tons (-1.06%), and the external supply is expected to be stable in the next three weeks. The PDH operating rate decreased to 59.59% (-2.76%) due to high import costs and poor downstream demand. The alkylation operating rate remained flat, and production margins turned profitable, with a small expected increase in operating rate. MTBE production decreased, and the profits of gas - fractionation etherification and isomerization etherification were poor [1] External Market - CP and FEI prices rose slightly, while MB prices remained flat. The internal - external price spread fluctuated, with a slight increase in FEI - MB, and little change in FEI - CP and CP - MB. Freight rates from the US Gulf to Japan and from the Middle East to the Far East rose slightly. US C3 inventories were basically flat, exports increased, and the US - to - Far - East arbitrage window was closed. OPEC+ reduced the production cut, and PG supply is expected to increase. CP official prices are expected to fall, and the propane - butane spread is expected to widen [1]

Report Industry Investment Rating - Not provided Core Viewpoints - During the May Day holiday, the decline of the foreign LPG market was less than that of crude oil, and the oil - gas ratio decreased. The official prices of May CP were higher than market expectations, and the increase of CP discount drove up the import cost, providing some support for the propane price. The domestic civil gas price remained stable overall, with the cheapest deliverable product priced at 4,820 yuan/ton. The LPG market is expected to be dominated by weak oscillations [1]. Summary by Relevant Contents Market Price Information - From April 24 to April 30, 2025, the prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, propane CIF Japan, MB propane spot, CP forecast contract price, Shandong ether - after carbon four, and Shandong alkylated oil showed different trends. The daily change on April 30 showed that the price of propane CFR South China increased by 17, propane CIF Japan decreased by 8, MB propane spot decreased by 9, CP forecast contract price decreased by 9, Shandong ether - after carbon four increased by 50, and the paper import profit decreased by 136, while the主力基差 decreased by 1 [1]. - On May 4, for civil gas, the price in Shandong decreased by 10 to 4,820, remained flat in East China at 4,925, and increased by 90 to 5,180 in South China; for imported gas, the price in East China increased by 15 to 5,158, and in South China increased by 80 to 5,230; the price of ether - after carbon four increased by 50 to 4,970. The lowest price was the civil gas in Shandong at 4,820 [1]. Market Conditions and Trends - Before the holiday, the PG futures market oscillated, with the basis of the 06 contract at 420 and the PG06 - 07 monthly spread at 94, which narrowed. The arbitrage window from the US to the Far East was closed [1]. - Fundamentally, the high arrival volume led to obvious port inventory accumulation; the factory inventory decreased slightly due to upstream price - cutting to clear inventory before the holiday, but the downstream replenishment demand was average. After the holiday, the arrival volume is expected to decline gradually, especially the arrival of US goods. The upstream refinery supply is expected to be stable in the short term, with an expected increase in June. Chemical demand is expected to be average, with weak demand for alkylated oil, limited willingness of factories to increase production in the short term; MTBE is expected to operate weakly overall; some PDH factories may reduce production due to raw material procurement problems [1].