建信期货沥青日报-20250731

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report The asphalt market still maintains a pattern of weak supply and demand. With oil prices rebounding due to macro - and geopolitical support, a short - term long strategy should be adopted for asphalt, and profits should be taken in a timely manner [7]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Futures Market: For BU2509, the opening price was 3630 yuan/ton, the closing price was 3650 yuan/ton, the highest was 3677 yuan/ton, the lowest was 3616 yuan/ton, the daily increase was 1.00%, and the trading volume was 191,500 lots. For BU2510, the opening price was 3606 yuan/ton, the closing price was 3636 yuan/ton, the highest was 3659 yuan/ton, the lowest was 3601 yuan/ton, the daily increase was 1.22%, and the trading volume was 100,100 lots [6]. - Spot Market: Asphalt spot prices in North China, Shandong, and Sichuan - Chongqing markets increased, while prices in other regions remained stable. The continuous rise in crude oil and asphalt futures prices had a positive impact on the asphalt spot market sentiment. In terms of supply, although some refineries in the Northeast had no short - term production increase plans, due to the high - load production of Jinling Petrochemical after resuming production on the 23rd and the possible resumption of production by Shandong Shengxing Petrochemical, the average operating load rate of asphalt plants was expected to rise. On the demand side, rainy weather affected most parts of the country, and the improvement in asphalt demand was limited [6]. 3.2 Industry News - South China Market: The mainstream transaction price of 70A grade asphalt was 3560 - 3590 yuan/ton, remaining stable. Market demand improved slightly, and social inventory quotes remained stable, waiting for major refineries to re - price [8]. - East China Market: The mainstream transaction price of 70A grade asphalt was 3660 - 3800 yuan/ton, remaining stable. Affected by typhoon weather, market demand declined slightly. Although the asphalt futures market rebounded, it was difficult to increase spot prices due to weak demand [8]. 3.3 Data Overview The report presents multiple figures related to the asphalt market, including Shandong asphalt spot prices, Shandong asphalt basis, 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 [14][16][17].