Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - This week, due to the tightening supply of crude oil and rising oil prices, asphalt prices have increased. Shandong's spot prices have risen slightly, and the futures market has strengthened marginally. With low production levels and a slight increase in shipments, factory inventories have continued to decline while social inventories have increased, resulting in overall stable inventories and a generally positive trend. The market in the north is tight, while supply in the east and south is relatively ample. Positive factors include low inventory levels, tight and expensive heavy - oil raw materials, and a decrease in April production schedules. Negative factors are the lack of demand improvement, weak spot prices in the east and south, and price cuts by Sinopec. The fundamentals have slightly improved, and the short - term outlook is weakly stable. Inventories are expected to gradually increase at a low level in the first half of the year. Attention should be paid to actual inventory levels and the impact of US sanctions on raw materials. Prices are expected to fluctuate with crude oil, and long positions in distant contracts such as the 09 contract are recommended [1] Group 3: Summary by Relevant Catalogs 1. Daily Data - From April 10th to April 16th, the low - end spot prices in East China and Shandong remained unchanged at 3550 yuan/ton and 3330 yuan/ton respectively, and the low - end spot price in Northeast China remained at 3750 yuan/ton. The futures price decreased by 23 yuan to 3278 yuan/ton, and the basis of the main contract increased by 23 yuan to 132 yuan/ton. The CFR price of South Korean asphalt in East China remained at 465 dollars/ton, and the RMB - denominated price increased by 2 yuan to 4104 yuan/ton. The price of Shandong coker feedstock remained at 4310 yuan/ton [1] 2. Daily Review - Shandong's spot prices remained stable, with a market reference price of 3510 - 3700 yuan/ton. The asphalt futures market fluctuated, and crack spread profits were at a moderate level. Gasoline and diesel prices in Shandong increased slightly. The daily asphalt production was 6.3 (+0) million tons [1] 3. Weekly Viewpoint - This week, with tightening crude oil supply and rising oil prices, asphalt prices have increased. Shandong's spot prices have risen slightly, and the futures market has strengthened marginally. With low production levels and a slight increase in shipments, factory inventories have continued to decline while social inventories have increased, resulting in overall stable inventories and a generally positive trend. The market in the north is tight, while supply in the east and south is relatively ample. Positive factors include low inventory levels, tight and expensive heavy - oil raw materials, and a decrease in April production schedules. Negative factors are the lack of demand improvement, weak spot prices in the east and south, and price cuts by Sinopec. The fundamentals have slightly improved, and the short - term outlook is weakly stable. Inventories are expected to gradually increase at a low level in the first half of the year. Attention should be paid to actual inventory levels and the impact of US sanctions on raw materials. Prices are expected to fluctuate with crude oil, and long positions in distant contracts such as the 09 contract are recommended [1]
沥青早报：华东现货低-20250417
Yong An Qi Huo·2025-04-17 02:53