建信期货沥青日报-20250718

Report Information - Report Name: Asphalt Daily Report [1] - Date: July 18, 2025 [2] Investment Rating - No investment rating information is provided in the report. Core View - The cost-side oil price is expected to have room for an upward trend. The asphalt market is facing a situation of weak supply and demand. In the later stage, the focus will be on the support of seasonal demand. The single-side price of asphalt is expected to fluctuate upward following the oil price [6]. Summary by Section 1. Market Review and Operation Suggestions - Futures Market: For BU2509, the opening price was 3,602 yuan/ton, the closing price was 3,628 yuan/ton, the highest was 3,656 yuan/ton, the lowest was 3,599 yuan/ton, with a daily increase of 0.3%, and the trading volume was 185,700 lots. For BU2510, the opening price was 3,553 yuan/ton, the closing price was 3,572 yuan/ton, the highest was 3,601 yuan/ton, the lowest was 3,548 yuan/ton, with a daily increase of 0.25%, and the trading volume was 38,700 lots [6]. - Spot Market: The asphalt spot price in the North China market declined slightly, while prices in other regions remained stable. The rigid demand for asphalt was weak, and the spot market maintained a cautious and wait-and-see attitude [6]. - Supply: In the East China region, Jinling Petrochemical stopped asphalt production, and Xinhai Petrochemical is expected to resume asphalt production in the late - stage after switching to producing residual oil this week. In addition, Shengxing Petrochemical in Shandong will intermittently switch to producing residual oil next week. It is expected that the average operating load rate of asphalt plants will decline next week [6]. - Demand: There will be relatively less rainfall in the northern regions later, which will support demand to some extent. The focus will be on seasonal demand support [6]. 2. Industry News - South China Market: The mainstream transaction price of 70 A - grade asphalt was 3,600 - 3,630 yuan/ton, remaining stable from the previous trading day. Although the truck - transport price of Guangzhou Petrochemical's asphalt decreased, the refinery mainly shipped export cargoes recently, and the truck - transport resources were relatively limited. The social inventory quotes remained stable due to the high inventory cost [7]. - Shandong Market: The mainstream transaction price of 70 A - grade asphalt was 3,660 - 4,070 yuan/ton, remaining stable from the previous trading day. The strong performance of international oil prices and asphalt futures in the intraday trading boosted the spot market sentiment. Although the terminal demand for asphalt was weak, resulting in low trading volume among traders, the prices of traders and refineries remained stable [7]. 3. Data Overview - The report presents multiple data charts, including 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 Jianxin Futures [9][10][17][18]