建信期货沥青日报-20250723

Group 1: Report Information - Report Title: Asphalt Daily Report [1] - Report Date: July 23, 2025 [2] Group 2: Industry Investment Rating - Not provided Group 3: Core Viewpoints - The asphalt market continues to be in a situation of weak supply and demand. Due to the continuous decline of oil prices, which is weaker than expected, the previous long positions in asphalt should be closed for the time being and wait and see [7]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: The opening, closing, highest, and lowest prices of BU2509 and BU2510 contracts are provided, with their respective price changes and trading volumes. Both contracts showed a downward trend [6]. - Spot Market: The asphalt spot prices in North China, Shandong, and South China markets have decreased, while those in other regions remained stable. The decline in crude oil prices and asphalt futures has a negative impact on the spot market sentiment [6]. - Supply: Zhenhai Refining and Jiangsu Xinhai plan to resume asphalt production briefly, but Jinling Petrochemical may stop production temporarily, and Shengxing Petrochemical in Shandong has no clear plan to resume asphalt production after switching to residue production this week. The average operating load rate of asphalt plants is expected to continue to decline [6]. - Demand: Road construction in most parts of China is affected by the weather, and the demand for asphalt is weak. The capital situation of road projects is difficult to improve in the short - term, and the willingness of traders to advance funds is low, so the demand for asphalt is still unstable [6]. 2. Industry News - South China Market: The mainstream transaction price of 70 A - grade asphalt decreased by 35 yuan/ton to 3560 - 3600 yuan/ton. Maoming Petrochemical lowered its asphalt transportation price, and the typhoon weather led to weak demand and cautious market sentiment [8]. - Shandong Market: The mainstream transaction price of 70 A - grade asphalt decreased by 5 yuan/ton to 3630 - 4070 yuan/ton. The decline of international oil prices and asphalt futures, along with heavy rainfall, affected the terminal demand. Although refinery quotes were stable, some brand traders continued to lower their quotes [8]. 3. Data Overview - The report provides figures 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][11][18][19]