石油沥青日报：刚需改善有限，现货局部下跌-20250819

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating. Group 2: Core Viewpoints - The asphalt market has a pattern of weak supply and demand. The improvement of rigid demand is still weak under the influence of weather and funds, and speculative demand is also weak. The destocking rate of social inventory is weaker than the seasonal average. The current market pressure is limited, but if oil prices continue to fall, asphalt prices will weaken further. The meeting between the US and Russian presidents is worth watching, as changes in US sanctions policies may bring additional volatility risks to the crude oil and asphalt markets [2]. Group 3: Market Analysis - On August 18, the closing price of the main asphalt futures contract BU2510 in the afternoon was 3,473 yuan/ton, up 2 yuan/ton or 0.06% from the previous settlement price. The open interest was 225,280 lots, a decrease of 1,549 lots from the previous day, and the trading volume was 175,487 lots, an increase of 29,255 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 3,856 - 4,086 yuan/ton; Shandong, 3,500 - 3,870 yuan/ton; South China, 3,490 - 3,530 yuan/ton; East China, 3,600 - 3,750 yuan/ton [1]. - The asphalt spot prices in the northwest market were relatively stable yesterday, while those in other regions declined to varying degrees. Due to the recent weak oil price trend and poor asphalt demand, market sentiment is cautious [2]. Group 4: Strategy - Unilateral: Oscillation - Inter - delivery spread: None - Inter - commodity spread: None - Futures - cash: None - Options: None [3] Group 5: Figures - The report includes figures on spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest, Northwest), asphalt futures index and contract closing prices, trading volume and open interest of asphalt futures, domestic and regional asphalt production, domestic asphalt consumption in different fields (road, waterproof, coking, ship fuel), and asphalt refinery and social inventories [4].