建信期货沥青日报-20250911

Report Information - Report Title: Asphalt Daily Report [1] - Report Date: September 11, 2025 [2] Investment Rating - No investment rating information is provided in the report. Core View - The asphalt market remains in a situation of weak supply and demand, and its price continues to fluctuate with oil prices, but the fluctuation range is expected to be lower than that of oil prices. It is recommended to wait and see for now [6]. Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: The BU2511 contract opened at 3,424 yuan/ton, closed at 3,450 yuan/ton, with a high of 3,457 yuan/ton, a low of 3,421 yuan/ton, a daily increase of 0.88%, and a trading volume of 15.04 million lots. The BU2512 contract opened at 3,372 yuan/ton, closed at 3,399 yuan/ton, with a high of 3,410 yuan/ton, a low of 3,372 yuan/ton, a daily increase of 0.74%, and a trading volume of 2.34 million lots [6]. - Spot Market: The spot prices of asphalt in North China and Shandong markets increased, while those in other regions remained generally stable. Some brands had good sales, which was beneficial to the spot price of asphalt [6]. - Supply Side: Jiangsu Xinhai will switch production to residual oil again, but Qilu Petrochemical has switched to asphalt production since the 6th. Ningbo Keyuan and Qicheng Petrochemical will maintain stable production after resuming asphalt production. It is expected that the operating rate of asphalt plants will continue to rise [6]. - Demand Side: Road projects in North China and surrounding areas will start one after another, resulting in a slight increase in asphalt demand. However, the precipitation in the southern region is more than the same period of the previous year, and the rigid demand remains stable [6]. - Operation Suggestion: Temporarily wait and see [6]. 2. Industry News - East China Market: The mainstream transaction price of 70 A-grade asphalt was 3,560 - 3,700 yuan/ton, remaining stable compared with the previous working day. Due to the low shipping price of refineries, the shipping volume of social warehouses in East China decreased significantly year-on-year, and the increase in trucking shipments was limited. The destocking speed of social warehouses was slow, and the price continued to be under pressure. The operating load of refineries in East China was generally high, the supply was abundant, and the mainstream trucking price range was temporarily stable [7]. - South China Market: The mainstream transaction price of 70 A-grade asphalt was 3,490 - 3,540 yuan/ton, remaining stable compared with the previous working day. After the contract price of Dongyou was raised, it was executed at 3,510 yuan/ton, still within the price range of the South China market. The rigid demand in the South China region weakened periodically, but the market still had positive expectations for the peak-season demand, and the quotes of social warehouses of traders remained stable [7]. 3. Data Overview - The report provides multiple data charts, including the spot price of asphalt in South China, the basis of Shandong asphalt, the daily operating rate of asphalt, the comprehensive profit of Shandong asphalt, asphalt cracking, social inventory of asphalt, factory inventory of asphalt, and asphalt warehouse receipts. All data sources are Wind and the Research and Development Department of CCB Futures [14][16][18]