Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On June 10, the domestic asphalt market average price was 3,758 yuan/ton, down 2 yuan/ton from the previous day, a decline of 0.05%. The northern market's rigid demand was stable, and the rising crude oil prices and limited resource circulation in North China supported the prices. In the south, rainfall hindered the rigid demand. The overall supply and demand of asphalt were weak, with a slight increase in factory and social inventories, which were still at a low level year-on-year. In the short term, due to strong costs and the expectation of tight supply in the peak season, the unilateral price of asphalt was expected to fluctuate strongly, with the main BU contract operating in the range of 3,450 - 3,650 yuan/ton [2][5][7]. 3. Summary by Relevant Catalogs First Part: Relevant Data - Futures Prices and Positions: On June 10, the price of BU2509 (the main contract) was 3,483 yuan/ton, down 5 yuan/ton from the previous day, a decline of 0.14%. The main contract's open interest increased by 11,000 lots to 216,000 lots, a rise of 5.54%, while the trading volume decreased by 43,000 lots to 221,000 lots, a decline of 16.28%. The number of warehouse receipts remained unchanged at 91,510 tons [2]. - Basis and Spread: The BU07 - 08 spread decreased by 29 yuan/ton to 7 yuan/ton, a decline of 80.56%. The Shandong - main contract basis increased by 13 yuan/ton to 130 yuan/ton, a rise of 11.11% [2]. - Industrial Chain Spot Prices: The low - end price of asphalt in Shandong increased by 30 yuan/ton to 3,500 yuan/ton, a rise of 0.86%. The low - end price of gasoline in Shandong decreased by 1 yuan/ton to 7,548 yuan/ton, a decline of 0.01% [2]. - Spread and Profit: The asphalt refinery profit decreased by 22.66 yuan/ton to - 56.88 yuan/ton, a decline of 66.22%. The BU - SC crack spread decreased by 25.11 yuan/ton to - 405.19 yuan/ton, a decline of 6.61% [2]. Second Part: Market Judgment - Market Overview: The northern market's rigid demand was stable, and the rising crude oil prices and limited resource circulation in North China supported the prices, driving up the prices in Shandong. In the south, rainfall hindered the rigid demand. In South China, some refineries planned to cut prices to relieve inventory pressure [5][6]. - Market Outlook: The supply and demand of asphalt in East China were weak. In the short term, due to strong costs and the expectation of tight supply in the peak season, the unilateral price of asphalt was expected to fluctuate strongly, with the main BU contract operating in the range of 3,450 - 3,650 yuan/ton [7]. Third Part: Relevant Attachments The report provided multiple charts, including the closing price and open interest of the main BU contract, the market prices of asphalt in East China and Shandong, and the prices of gasoline and diesel in Shandong refineries, with data sources from Galaxy Futures, Wind, and Steel Union [10][12][16].
银河期货沥青日报-20250610
Yin He Qi Huo·2025-06-10 10:30