沥青：震荡走势

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The report indicates that the asphalt market shows an oscillating trend. The trend strength of asphalt is 0, suggesting a neutral market outlook [1][10]. 3) Summary by Relevant Catalog Fundamental Tracking - Futures Market: The closing prices of BU2504 and BU2505 were 3,620 yuan/ton and 3,627 yuan/ton respectively, with daily changes of 0.00% and 0.03%. The trading volumes of BU2504 and BU2505 decreased by 2,083 and 5,890 hands respectively, and the open interests decreased by 2,582 and 423 hands respectively. The total market asphalt warehouse receipts remained unchanged at 89,180 hands [1]. - Spot Market: The Shandong wholesale price was 3,600 yuan/ton, up 10 yuan/ton; the Yangtze River Delta wholesale price was 3,720 yuan/ton, remaining unchanged. The refinery operating rate was 31.36%, up 2.16% from the previous period, and the refinery inventory rate was 31.36%, down 0.50% [1]. - Spread: The basis (Shandong - 04) was -20 yuan/ton, up 10 yuan/ton from the previous day; the 04 - 05 inter - period spread was -7 yuan/ton, down 1 yuan/ton [1]. Market News - In the week of 20250319 - 0325, the capacity utilization rate of 69 domestic modified asphalt sample enterprises was 4.0%, up 1.0% month - on - month and down 0.3% year - on - year. With the improvement of construction conditions, some northern enterprises resumed production and increased supply [16]. - In the week of 20250320 - 0326, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 26.7%, down 0.5% month - on - month. Although some refineries resumed production, others had temporary production transfers or shutdowns, leading to the decline [16].