石油沥青日报：需求表现一般，关注季节性改善-20250711

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating Group 2: Core Viewpoints of the Report - The overall supply - demand situation of asphalt remains weak, with low inventory and relatively insignificant market contradictions. Terminal demand lacks highlights, and downstream buyers mainly purchase on - demand. Attention should be paid to the seasonal consumption improvement after the reduction of rainy weather. The short - term price of asphalt is affected by the strong trend of crude oil prices, but the medium - term upward space and driving force of crude oil are limited due to the expected loosening of the balance sheet [1] - The trading strategy for asphalt is a unilateral shock, with no strategies for inter - period, cross - variety, spot - futures, or options [2] Group 3: Market Analysis - On July 10, the closing price of the main asphalt futures contract BU2509 in the afternoon session was 3,629 yuan/ton, up 10 yuan/ton or 0.28% from the previous day's settlement price. The open interest was 226,788 lots, a net increase of 3,805 lots, and the trading volume was 125,635 lots, a decrease of 31,302 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,900 - 4,086 yuan/ton in Northeast China, 3,630 - 4,070 yuan/ton in Shandong, 3,600 - 3,700 yuan/ton in South China, and 3,700 - 3,850 yuan/ton in East China. The spot prices of asphalt in Shandong and North China markets declined slightly yesterday, while those in other regions remained generally stable [1] Group 4: Strategy - Unilateral: Volatility - Inter - period: None - Cross - variety: None - Spot - futures: None - Options: None [2] Group 5: Figures - There are figures showing the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest China, Northwest China), the closing prices of petroleum asphalt futures indices, main contracts, and near - month contracts, the price difference of near - month contracts, the trading volume and open interest of single - side and main contracts of petroleum asphalt futures, the weekly production of domestic asphalt, the production of independent refineries and in different regions (Shandong, East China, South China, North China), the consumption of domestic asphalt in different fields (road, waterproofing, coking, ship fuel), and the inventory of asphalt refineries and social inventory (Longzhong caliber) [3]