建信期货沥青日报-20250828

Report Information - Report Type: Asphalt Daily Report [1] - Date: August 28, 2025 [2] Industry Investment Rating - Not provided in the given content Core Viewpoints - The asphalt market continues to experience weak supply and demand with few highlights. The unilateral price mainly follows the movement of oil prices, but the fluctuation range is expected to be smaller than that of oil prices [6] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For BU2510, the opening price was 3,506 yuan/ton, the closing price was 3,471 yuan/ton, the highest was 3,512 yuan/ton, the lowest was 3,458 yuan/ton, the decline was 1.53%, and the trading volume was 168,000 lots. For BU2511, the opening price was 3,485 yuan/ton, the closing price was 3,443 yuan/ton, the highest was 3,486 yuan/ton, the lowest was 3,433 yuan/ton, the decline was 1.54%, and the trading volume was 76,900 lots [6] - Spot Market: Prices in the Northeast and Shandong markets declined, while prices in other regions remained generally stable. The significant decline in crude oil prices had a negative impact on the sentiment of the asphalt spot market [6] - Supply: Hebei Xinghai plans to increase asphalt production at the end of the month. However, due to the possible temporary shutdown of Zhenhai Refining & Chemical and the possible switch of some local refineries in Shandong to produce residual oil, the asphalt plant operating rate is expected to decline [6] - Demand: There was no obvious boost in demand. Rigid demand was restricted by funds and weather, market sentiment was relatively pessimistic, and speculative demand was released cautiously [6] 2. Industry News - South China Market: The mainstream transaction price of 70A grade asphalt was 3,490 - 3,510 yuan/ton, remaining stable compared to the previous working day. As the asphalt futures price declined, some futures - spot traders sold forward contracts, but traders still temporarily kept the spot price stable, waiting for further market news [7] - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3,470 - 3,800 yuan/ton, a decrease of 10 yuan/ton compared to the previous working day. The international oil price closed lower, the asphalt futures followed suit, and the sentiment in the spot market weakened again. Today, individual refineries and some traders lowered their quotes, driving down the transaction price in the Shandong market [7] 3. Data Overview - The report presents multiple data charts including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, asphalt warehouse receipts, Shandong asphalt spot price, and Shandong asphalt basis, with data sources from Wind and the Research and Development Department of CCB Futures [8][13][16]