Report Information - Report Name: Asphalt Daily Report [1] - Date: September 4, 2025 [2] Investment Rating - No investment rating is provided in the report. Core Viewpoints - The asphalt futures prices of BU2510 and BU2511 decreased by 0.36% and 0.31% respectively. The spot price in Shandong market rose slightly, while those in other regions remained stable. With the high - level of crude oil and asphalt futures, the spot market sentiment was boosted. The average operating load rate of asphalt plants is expected to rebound. In the demand side, the situation in South China has improved. It is recommended to pay attention to the demand implementation and wait and see for arbitrage [6]. Summary by Catalog 1. Market Review and Operation Suggestions - Futures Market: The opening, closing, highest, and lowest prices, as well as the trading volume and price changes of BU2510 and BU2511 are presented. BU2510 opened at 3533 yuan/ton, closed at 3550 yuan/ton, with a high of 3561 yuan/ton, a low of 3529 yuan/ton, a decline of 0.36%, and a trading volume of 10.12 million lots. BU2511 opened at 3540 yuan/ton, closed at 3540 yuan/ton, with a high of 3555 yuan/ton, a low of 3525 yuan/ton, a decline of 0.31%, and a trading volume of 9.80 million lots [6]. - Spot Market: The asphalt spot price in Shandong market rose slightly, and those in other regions were generally stable. The high - level of crude oil and asphalt futures boosted the sentiment of the asphalt spot market [6]. - Supply: Some local refineries in Shandong switched to produce residual oil without a clear plan to resume asphalt production. However, due to the expected increase in asphalt production of Hebei Xinhai at the end of the month and the planned resumption of asphalt production by Ningbo Keyuan around the 28th, the average operating load rate of asphalt plants is expected to rebound [6]. - Demand: The weather in South China cleared up, and driven by market sentiment, the trading atmosphere and the shipment volume of key storage areas improved [6]. - Operation Suggestion: Pay attention to the demand implementation. As oil prices are rising due to geopolitical factors, arbitrage should be put on hold for the time being [6]. 2. Industry News - Shandong Market: The mainstream transaction price of 70 A - grade asphalt was 3510 - 3820 yuan/ton, up 5 yuan/ton from the previous working day. The high - level of international oil prices and asphalt futures boosted the spot market atmosphere. Some refineries continued to raise contract prices, and traders followed suit to raise spot quotes [7]. - South China Market: The mainstream transaction price of 70 A - grade asphalt was 3490 - 3540 yuan/ton, remaining stable from the previous working day. Sinopec may adjust prices for order filling, but after continuous price increases, the trading volume did not increase, so traders' quotes remained stable for now, waiting for the guidance of the prices of major suppliers [7]. 3. Data Overview - The report provides multiple data charts, including Shandong asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturers' inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [14][16][18][22]
建信期货沥青日报-20250904
Jian Xin Qi Huo·2025-09-04 02:48