LPG is not among the eleven real-time quotes on the market page, but its pricing logic is the cleanest: imported cargoes are quoted in dollars, and delivered cost is first converted at USD/CNY, then freight and premiums are added. Today USD/CNY settled at 6.687, about 0.7% firmer than the prior session's 6.736, so the CNY cost of delivered propane sinks with it.

That line ties straight to PDH. A propane-dehydrogenation unit consumes propane and yields propylene; margin equals propylene price minus propane cost minus conversion. A firmer yuan pushes imported-propane CNY cost down and cracks PDH margin open a notch — provided the propylene side does not collapse in step.

For SNSUC's transshipment and bonded structure, LPG matters because it is a compliant non-hazmat category: it can serve import substitution and regional arbitrage without the quota and importer-entity hurdles that crude carries. Three things to watch — the persistence of USD/CNY, the Northeast Asia propane CP (contract price) monthly quote, and the domestic propylene-propane spread. Any one reversing closes the PDH window.