石油沥青日报：成本端企稳反弹，沥青自身市场驱动有限-20250826

Report Industry Investment Rating - The rating for unilateral trading is "oscillation", while there are no ratings for inter - period, inter - variety, spot - futures, and options trading [3] Core Viewpoints - The cost side of asphalt has stabilized and rebounded, but the market's internal upward drive is insufficient. Although the growth of supply is limited, the improvement of rigid demand is also weak due to weather and capital factors. The market trading atmosphere is average, and speculative demand is weak. If oil prices continue to rebound, the futures market will be boosted, but the sustainability is questionable [2] Market Analysis - On August 25, the closing price of the main asphalt futures contract BU2510 in the afternoon session was 3,512 yuan/ton, up 33 yuan/ton or 0.95% from the previous settlement price. The open interest was 191,301 lots, down 17,115 lots from the previous day, and the trading volume was 169,612 lots, up 30,160 lots from the previous day [1] - According to Zhuochuang Information, the spot settlement prices of heavy - traffic asphalt are: 3,856 - 4,086 yuan/ton in the Northeast, 3,450 - 3,800 yuan/ton in Shandong, 3,480 - 3,500 yuan/ton in South China, and 3,560 - 3,750 yuan/ton in East China [1] - The asphalt spot prices in North China increased yesterday, while those in Shandong decreased. The prices in other regions remained generally stable. Recently, crude oil prices have shown signs of stabilizing and rebounding, and the BU futures market has followed suit, with support at the lower end of the market beginning to emerge [2] Strategy - Unilateral: Oscillation - Inter - period: None - Inter - variety: None - Spot - futures: None - Options: None [3]