石油沥青日报：刚性需求偏弱，市场情绪较谨慎-20250710

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core View of the Report The overall supply - demand situation of asphalt remains weak, with low inventory and relatively insignificant market contradictions. Although the recent strong trend of crude oil prices has provided some support to asphalt prices, the upward space and driving force are limited. Currently, the overall demand lacks highlights, and downstream buyers mainly purchase on - demand, resulting in a strong wait - and - see sentiment in the market [1]. 3) Summary by Relevant Content Market Analysis - On the afternoon of July 9th, the closing price of the main asphalt futures contract BU2509 was 3,623 yuan/ton, up 31 yuan/ton or 0.86% from the previous day's settlement price. The open interest was 218,152 lots, a net increase of 476 lots, and the trading volume was 156,937 lots, a net increase of 21,483 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 3,900 - 4,086 yuan/ton; Shandong, 3,640 - 4,070 yuan/ton; South China, 3,600 - 3,700 yuan/ton; East China, 3,700 - 3,850 yuan/ton. The spot prices of asphalt in North China and South China markets declined yesterday, while those in other regions remained generally stable [1]. Strategy - Unilateral trading strategy: Expecting a sideways movement. - Strategies for inter - delivery spread, cross - commodity spread, spot - futures spread, and options: None [2] Figures and Data The report includes figures related to asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures, domestic asphalt weekly production, asphalt production of independent refineries and in different regions (Shandong, East China, South China, North China), domestic asphalt consumption in different sectors (road, waterproofing, coking, ship fuel), and asphalt refinery and social inventories [3].