Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The fundamentals of the LPG market are generally weak, with expected supply growth, increased chemical demand, and weak combustion demand [1] 3. Summary by Relevant Catalog Market Price Changes - On Friday, for civil gas, prices in Shandong decreased by 30 to 4460, in East China by 30 to 4493, and in South China by 20 to 4820; for imported gas, prices in East China decreased by 26 to 4953 and in South China by 20 to 4940; the price of ether - post - carbon four remained stable at 4740, and the lowest price was Shandong civil gas at 4460 [1] - The PG futures market was weak, the basis of the 06 contract strengthened to 385, the 06 - 07 monthly spread remained flat at 54, and the 07 - 09 monthly spread slightly strengthened to 127; the US to Far - East arbitrage window was closed [1] - Civil gas prices dropped significantly, ether - post - carbon four prices rebounded, and the cheapest deliverable was Shandong civil gas at 4480; the PG futures market declined due to weak spot prices. The 06 contract basis was 385 (+139), the 06 - 07 monthly spread was 54 (-27), and the 07 - 08 monthly spread was 61 (-15) [1] External Market Conditions - FEI and MB prices fell, CP prices rose, and the oil - gas ratio fluctuated; the internal - external price difference decreased significantly, and FEI - MOPJ decreased slightly; freight rates from the US Gulf to Japan and from the Middle East to the Far East declined [1] Fundamentals - Port arrivals decreased significantly, exports were sluggish, and overall port inventories decreased; factory inventories were basically flat [1] - In terms of supply, the commercial volume increased slightly and is expected to continue to increase; at the same time, expected arrivals are expected to increase [1] Demand Conditions - The PDH operating rate rebounded to 61.15% (+3.17pct), production margins declined, and the PDH operating rate is expected to continue to rise next week [1] - The alkylation operating rate and commercial volume remained flat, profitability dropped significantly to - 40.5 (-308), and the operating rate is expected to rise slightly next week [1] - MTBE prices generally fell by 50 - 150 yuan/ton, MTBE production was basically flat, and the profits of gas - fractionation etherification and isomerization etherification declined. It is expected that MTBE supply will fluctuate slightly, gasoline demand will be difficult to improve, and prices may not fluctuate much [1] - As the temperature rises, combustion demand is expected to decline [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The domestic LPG supply is expected to gradually increase, chemical demand is expected to recover, and combustion demand will continue to decline. Overall, the LPG market may continue its oscillating downward trend [1]. 3) Summary by Relevant Catalogs Daily Changes - **Domestic Prices**: On Wednesday, civil gas prices in Shandong remained stable at 4490, decreased by 98 to 4581 in East China, and decreased by 10 to 4840 in South China. Imported gas prices in East China remained flat at 4990, and decreased by 40 to 4950 in South China. The price of ether - post - carbon four increased by 60 to 4670. The lowest price was Shandong civil gas at 4490 [1]. - **PG Futures**: The PG futures market oscillated. The basis of the 06 contract reached 254, the 06 - 07 spread weakened to 54, and the 07 - 09 spread strengthened slightly to 141. The US - to - Far - East arbitrage window closed [1]. Weekly Changes - **Domestic Prices**: Last week, domestic civil gas prices declined significantly. In South China, it was 4920 (-3.3%), in East China 4906 (-0.7%), in Shandong 4570 (-4.8%), and Shandong ether - post was 4520 (-5.8%). The cheapest deliverable was Shandong ether - post C4 [1]. - **PG Futures**: The center of gravity of the PG futures market moved slightly downward. The basis of the 06 contract was 256 (-187), the 06 - 07 spread was 81 (-23), and the 07 - 08 spread was 76 (-8) [1]. - **External Market**: After the tariff eased, external market prices rose. MB was at 407 (+23), FEI at 544 (+22.8), and CP followed slightly, reaching 584 (+5.5). The discount of June CP cargoes decreased by nearly half, and the FEI discount turned positive to single - digits. The internal - external price spread decreased significantly. Freight rates from the US Gulf to Japan and from the Middle East to the Far East increased slightly, reaching 117 (+7) and 65 (+7) respectively [1]. Fundamental Analysis - **Supply**: High arrival volumes and little change in demand led to port inventory accumulation, while factory inventory remained basically flat. The LPG commodity volume was 50.41 tons (+4.09%), and the expected increase in commodity volume in the next three weeks is expected to decrease [1]. - **Chemical Demand**: The PDH operating rate declined to 57.98% (-1.61), and production margins recovered. It is expected that the PDH operating rate will increase slightly next week. The alkylation operating rate was 39.87% (-2.37), the commodity volume was 18,450 (-1,100), and profitability expanded significantly to 267 yuan/ton (+1113%). It is expected that the operating rate will increase slightly next week. Crude oil rebound pushed MTBE to stop falling and rise. Supply was scarce, exports were stable, and manufacturers intended to hold prices, but downstream resistance increased. It is expected that MTBE will decline slightly but overall decline will be limited [1]. - **Combustion Demand**: As the temperature rises, combustion demand is expected to decline [1].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoint - The fundamentals of the LPG market are weak, and the short - term futures market is expected to fluctuate weakly [1] 3. Summary by Relevant Data Daily Changes (May 1 - 2, 2025) - In the civil gas market, prices in Shandong decreased by 80 to 4700, in East China by 5 to 4933, and in South China by 70 to 5020. Imported gas prices in East China dropped by 31 to 5105, and in South China by 20 to 5090. The price of ether - post carbon four decreased by 90 to 4710. The lowest price was Shandong civil gas at 4700. The PG futures market was weak, with the basis of the 06 contract at 341 and the 06 - 07 spread slightly weakening to 97. The US - to - Far - East arbitrage window closed [1] Weekly Changes - The domestic civil gas market was weak last week. Prices in South China rose and then fell, those in East China and Shandong fluctuated weakly, and 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, and the 06 - 07 spread strengthened [1] - Fundamentally, high arrivals led to significant port inventory accumulation. After the holiday, downstream replenishment was average, and factory inventories increased slightly. The LPG commodity volume was 48.55 tons (-1.06%), and 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, production margins turned profitable, and the operating rate is expected to increase slightly. MTBE production decreased, and the profits of gas - fractionation etherification and isomerization etherification were poor [1] - In the international market, CP and FEI rose slightly, while MB remained flat. The internal - external price spread fluctuated, with FEI - MB rising slightly and FEI - CP, CP - MB changing little. 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 closed. OPEC+ reduced production cuts, 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 View of the Report - It is expected that the LPG futures market will generally fluctuate with an upward bias in the short term [1] Summary by Relevant Catalogs Daily Changes - In terms of civil gas, prices in Shandong decreased by 10 to 4900, in East China decreased by 7 to 4900, and in South China increased by 10 to 5150; for imported gas, prices in East China decreased by 11 to 5135, and in South China increased by 10 to 5240; the price of etherified C4 decreased by 60 to 5060. The lowest price was 4900 for civil gas in Shandong and East China. The PG futures market fluctuated with a slight upward bias, the basis of the 05 contract weakened to 361, and the spread between the PG05 - 06 contracts strengthened to 142. The arbitrage window from the US to the Far East closed [1] Weekly View - Last week, civil gas prices corrected from their highs. The center of the futures market generally moved up. The basis of the 05 contract fell to 471, and the spread between the 05 - 06 contracts strengthened to 137. Port inventories continued to decline, while factory inventories remained flat. On the supply side, the commercial volume of LPG rebounded slightly, but the inbound volume increased month - on - month. The PDH operating rate dropped to 63.15%, with many factories reducing loads or planning maintenance, and it is expected to continue to decline. In the overseas market, prices rebounded significantly, the price ratios of FEI - MB, FEI - CP, and MB - CP all increased significantly, while PG - FEI decreased. The arbitrage window from the US to the Far East closed. The supply of propane from the Middle East was limited, and negotiations with Chinese buyers progressed slowly. Freight rates also rebounded slightly. The change in US C3 inventories was small, but exports increased [1]