建信期货沥青日报-20250905

Group 1: Report Basic Information - The report is an asphalt daily report dated September 5, 2025 [1][2] - The research team includes Li Jie (crude oil and asphalt), Ren Junchi (PTA, MEG), Peng Haozhou (carbon market and industrial silicon), Peng Jinglin (polyolefins), Liu Youran (pulp), and Feng Zeren (glass and soda ash) [4] Group 2: Market Review and Operation Suggestions - In the futures market, BU2510 opened at 3530 yuan/ton, closed at 3468 yuan/ton, with a high of 3533 yuan/ton, a low of 3463 yuan/ton, a decline of 2.14%, and a trading volume of 12.81 million lots. BU2511 opened at 3516 yuan/ton, closed at 3442 yuan/ton, with a high of 3522 yuan/ton, a low of 3439 yuan/ton, a decline of 2.71%, and a trading volume of 18.95 million lots [6] - In the spot market, prices in North and South China slightly increased, prices in Shandong decreased, and prices in other regions were generally stable. Crude oil and asphalt futures prices limited the upside of asphalt spot prices [6] - On the supply side, some refineries in Shandong switched to producing residual oil without a clear plan to resume asphalt production. However, due to the expected increase in asphalt output from 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] - On the demand side, the weather cleared up in South China, and with the boost of market sentiment, the trading atmosphere and the shipment volume of key storage areas improved to some extent [6] - Pay attention to the implementation of demand. Oil prices are rising due to geopolitical factors, and arbitrage should be put on hold for now [6] Group 3: Industry News - In the South China market, the mainstream transaction price of 70A grade asphalt was 3490 - 3550 yuan/ton, a slight increase of 5 yuan/ton from the previous trading day. Sinopec's Maoming and Guangzhou raised their trucking settlement prices by 50 yuan/ton yesterday, driving up the high - end prices in the South China market. However, today's decline in the asphalt futures price led some spot - futures traders to sell near - month contracts, and the spot prices of social inventories slightly decreased. The market atmosphere was mainly wait - and - see [7] - In the Shandong market, the mainstream transaction price of 70A grade asphalt was 3490 - 3820 yuan/ton, a decrease of 10 yuan/ton from the previous trading day. The decline in international oil prices led to a drop in asphalt futures prices, weakening the spot market atmosphere. Some refineries and traders lowered their quotes, driving down the prices in the Shandong market. In the short term, Dongming Petrochemical and Jincheng Petrochemical have plans to switch to asphalt production, increasing local resource supply and leaving asphalt prices without support [7] Group 4: Data Overview - The data sources for various figures (including Shandong asphalt spot prices, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts) are wind and the Research and Development Department of CCB Futures [10][11][13]