Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The supply side shows that the planned domestic asphalt production in August 2025 is 2.413 million tons, a 5.1% decrease from the previous month and a 17.1% increase year - on - year. The refineries have reduced production this week, alleviating supply pressure, and this trend may continue next week [8]. - On the demand side, the current overall demand is lower than the historical average, with varying trends in different types of asphalt and related product开工率 [8]. - The cost side indicates that the daily asphalt processing profit is - 591.75 yuan/ton, a 5.70% increase from the previous period, and the weekly Shandong refinery delayed coking profit is 788.4443 yuan/ton, a 12.78% decrease. With the strengthening of crude oil, short - term cost support is expected to strengthen [9]. - The overall assessment of the fundamentals is slightly positive, the basis is neutral, the inventory situation is slightly positive, the market trend is neutral, the main position is slightly positive. It is expected that the asphalt 2510 contract will fluctuate in the range of 3502 - 3544 in the short term [8][9]. - There are both positive and negative factors. Positive factors include relatively high crude oil costs providing some support; negative factors include insufficient demand for high - priced goods and a downward trend in overall demand with an increasing expectation of an economic recession in Europe and the United States [11][12]. 3. Summary by Directory 3.1 Daily Viewpoint - Supply: In August 2025, the planned asphalt production is 2.413 million tons, with a 5.1% month - on - month decrease and a 17.1% year - on - year increase. This week, the sample capacity utilization rate is 32.838%, a 2.40 - percentage - point decrease from the previous week. The sample enterprise output is 548,000 tons, a 6.80% decrease, and the estimated device maintenance volume is 648,000 tons, an 11.15% increase. Next week, supply pressure may be further reduced [8]. - Demand: The heavy - traffic asphalt开工率 is 30.7%, a 0.07 - percentage - point decrease; the construction asphalt开工率 is 18.2%, unchanged; the modified asphalt开工率 is 16.9855%, a 0.11 - percentage - point decrease; the road - modified asphalt开工率 is 28.33%, a 2.17 - percentage - point decrease; the waterproofing membrane开工率 is 30.6%, a 0.90 - percentage - point increase. Overall, the current demand is lower than the historical average [8]. - Cost: The daily asphalt processing profit is - 591.75 yuan/ton, a 5.70% increase, and the weekly Shandong refinery delayed coking profit is 788.4443 yuan/ton, a 12.78% decrease. Crude oil strengthening is expected to support the market in the short term [9]. - Basis: On August 26, the Shandong spot price is 3540 yuan/ton, and the basis of the 10 - contract is 17 yuan/ton, with the spot price higher than the futures price [9]. - Inventory: The social inventory is 1.292 million tons, a 3.79% decrease; the in - plant inventory is 716,000 tons, a 0.70% increase; the port diluted asphalt inventory is 15,000 tons, a 21.05% decrease [9]. - Market Trend: The MA20 is downward, and the price of the 10 - contract closes above the MA20 [9]. - Main Position: The main position is net long, and the long position is increasing [9]. - Expectation: The refineries have reduced production, supply pressure is alleviated, demand recovery is less than expected, inventory is decreasing, and crude oil cost support is strengthening. It is expected that the asphalt 2510 contract will fluctuate in the range of 3502 - 3544 in the short term [9]. 3.2 Asphalt Futures Market - Base Difference Trend: Charts show the historical trends of the Shandong and East China asphalt base differences from 2020 - 2025 [18][19]. - Spread Analysis - Main Contract Spread: Charts show the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 - 2025 [21][22]. - Asphalt - Crude Oil Price Trend: Charts display the historical price trends of asphalt, Brent crude oil, and WTI crude oil from 2020 - 2025 [24][25]. - Crude Oil Crack Spread: Charts present the historical trends of the asphalt - SC, asphalt - WTI, and asphalt - Brent crude oil crack spreads from 2020 - 2025 [27][28][29]. - Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend: Charts show the historical price ratio trends of asphalt - SC and asphalt - fuel oil from 2020 - 2025 [31][33]. 3.3 Asphalt Spot Market - Regional Market Price Trends: The chart shows the historical price trend of Shandong heavy - traffic asphalt from 2020 - 2025 [34][35]. 3.4 Asphalt Fundamental Analysis - Profit Analysis - Asphalt Profit: The chart shows the historical trend of asphalt profit from 2019 - 2025 [36][37]. - Coking - Asphalt Profit Spread Trend: The chart shows the historical trend of the coking - asphalt profit spread from 2020 - 2025 [39][40][41]. - Supply Side - Shipment Volume: The chart shows the historical trend of weekly asphalt shipment volume from 2020 - 2025 [43][44]. - Diluted Asphalt Port Inventory: The chart shows the historical trend of domestic diluted asphalt port inventory from 2021 - 2025 [45][46]. - Production Volume: Charts show the historical trends of weekly and monthly asphalt production from 2019 - 2025 [48][50]. - Marey Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend: The chart shows the historical trends of Marey crude oil price and Venezuelan crude oil monthly production from 2018 - 2025 [51][53]. - Refinery Asphalt Production: The chart shows the historical trend of refinery asphalt production from 2019 - 2025 [54][55]. - Capacity Utilization Rate: The chart shows the historical trend of weekly asphalt capacity utilization rate from 2021 - 2025 [57][58]. - Estimated Maintenance Loss Volume: The chart shows the historical trend of estimated asphalt maintenance loss volume from 2018 - 2025 [59][60]. - Inventory - Exchange Warehouse Receipts: Charts show the historical trends of exchange warehouse receipts (total, social inventory, and in - plant inventory) from 2019 - 2025 [62][63][64]. - Social Inventory and In - Plant Inventory: Charts show the historical trends of social inventory (70 samples) and in - plant inventory (54 samples) from 2022 - 2025 [66][67]. - In - Plant Inventory Inventory Ratio: The chart shows the historical trend of the in - plant inventory inventory ratio from 2018 - 2025 [69][70]. - Import and Export Situation - Export and Import Trends: Charts show the historical trends of asphalt export and import from 2019 - 2025 [72][73]. - South Korean Asphalt Import Spread Trend: The chart shows the historical trend of the South Korean asphalt import spread from 2020 - 2025 [77][76]. - Demand Side - Petroleum Coke Production: The chart shows the historical trend of petroleum coke production from 2019 - 2025 [78][79]. - Apparent Consumption: The chart shows the historical trend of asphalt apparent consumption from 2019 - 2025 [81][82]. - Downstream Demand - Highway Construction and Fixed - Asset Investment in Transportation: Charts show the historical trends of highway construction fixed - asset investment, new local special bonds, and infrastructure investment completion year - on - year growth rate from 2019 - 2025 [84][85][86]. - Downstream Machinery Demand: Charts show the historical trends of asphalt concrete paver sales, excavator monthly working hours, and domestic excavator sales from 2019 - 2025 [88][89][91]. - Asphalt Capacity Utilization Rate - Heavy - Traffic Asphalt Capacity Utilization Rate: The chart shows the historical trend of heavy - traffic asphalt capacity utilization rate from 2019 - 2025 [93][94]. - Asphalt Capacity Utilization Rate by Use: Charts show the historical trends of construction asphalt and modified asphalt capacity utilization rates from 2019 - 2025 [96][97]. - Downstream Capacity Utilization Situation: Charts show the historical trends of shoe - material SBS - modified asphalt, road - modified asphalt, waterproofing membrane - modified asphalt capacity utilization rates from 2019 - 2025 [99][100][102]. - Supply - Demand Balance Sheet: The table shows the monthly asphalt supply - demand balance from January 2024 to August 2025, including production, import, export, demand, and inventory data [104][105].
大越期货沥青期货早报-20250827
Da Yue Qi Huo·2025-08-27 03:19