Report Overview - Report Title: Liquefied Petroleum Gas Weekly Report - Report Date: April 27, 2025 - Analyst: Chen Xinchao - Investment Bank: Guotai Junan Futures 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoint - The report suggests that the LPG market will temporarily remain in a state of oscillation. From April 18 - 24, the LPG market gradually returned to fundamentals with the continuous impact of tariff adjustments. The international market prices rose, but the domestic market faced weak demand and increasing inventories [4]. 3. Summary by Directory 3.1 Price & Spread - **Futures and Spot Prices**: As of April 24, the FEI propane swap increased by 3.4% to $524.86/ton compared to the previous period. The US Gulf MB spot price rose to $456.5/ton due to increased demand from Japan and South Korea. The South China propane frozen cargo arrival price was $654/ton, up $33/ton or 5.38% from the previous period [4]. - **Regional Quotes, Premiums, and Freight**: The report presents historical data on regional quotes, premiums, and freight rates for LPG, including the US to the Far East, the Middle East to the Far East, and the US to Europe [9][10]. - **Domestic Spot and Basis**: In the domestic market, civil gas prices in East China and Shandong continued to decline due to weak demand, while prices in South China were boosted by the strengthening international LPG market. The ether - post - carbon - four market continued to decline due to poor terminal gasoline demand [24]. 3.2 Supply - **US Exports**: The report shows historical data on US propane exports to different regions, including Europe, China, and Japan and South Korea [28][31]. - **Middle East Exports**: It presents historical data on LPG exports from Middle Eastern countries such as Iran, Kuwait, the UAE, Saudi Arabia, and Qatar [33][39]. - **Domestic Supply**: This week, China's propane supply was 704,100 tons, a 43.26% increase from the previous week. Domestic refinery product volume decreased by 5.65% to 40,100 tons, while international vessel arrivals increased by 47.88% to 664,000 tons, mainly in South China. Port inventories increased by 6.59% to 2,840,200 tons [48]. 3.3 Demand - **Chemical Demand**: This week, the domestic propane dehydrogenation (PDH) unit operating rate was 60.06%, a 3.09% decrease from the previous week. It is expected that the PDH operating rate in China will slightly increase next week. The report also provides historical data on the profits and operating rates of other chemical products such as alkylation, MTBE [52].