建信期货沥青日报-20250418

Report Summary 1. Report Information - Report Name: Asphalt Daily Report [1] - Date: April 18, 2024 [2] 2. Investment Rating - No investment rating provided in the report. 3. Core View - The fundamentals of asphalt continue to show a situation of weak supply and demand. With oil prices bottoming out, asphalt is expected to fluctuate. [7] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Futures Market: BU2506 opened at 3308 yuan/ton, closed at 3343 yuan/ton, with a maximum of 3370 yuan/ton, a minimum of 3301 yuan/ton, a rise of 1.55%, and a trading volume of 25.77 million lots. BU2507 opened at 3322 yuan/ton, closed at 3338 yuan/ton, with a maximum of 3364 yuan/ton, a minimum of 3297 yuan/ton, a rise of 1.61%, and a trading volume of 3.60 million lots. [6] - Spot Market: As of the noon of the day, asphalt spot prices in North China and Shandong increased slightly, those in South China decreased slightly, and prices in other regions remained generally stable. The rise in crude oil and asphalt futures boosted the sentiment of the asphalt spot market. [6] - Supply: Refineries in Southwest and Northwest China plan to produce asphalt stably in the short term. Some refineries in Shandong and Henan may resume asphalt production, and the average operating load rate of asphalt plants is expected to continue to rise. [7] - Demand: Rainfall in South China and cold air in the central and eastern regions will affect road construction projects, weakening the rigid demand. The international oil price fluctuates greatly, and the speculative demand for asphalt is released cautiously. [7] 4.2 Industry News - Shandong Market: The mainstream intended price of 70 A-grade asphalt is 3350 - 3500 yuan/ton, up 5 yuan/ton from the previous workday. The rise in international oil prices and asphalt futures boosted the market sentiment, and the rigid demand improved steadily, driving up the market price. [8] - East China Market: The mainstream transaction price of 70 A-grade asphalt is 3500 - 3570 yuan/ton, remaining stable from the previous workday. Although the shipment in Shandong has improved, the supply in East China is still abundant, and the price is difficult to rise. [8] 4.3 Data Overview - The report provides data on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures. [10][16][20]