石油沥青日报：沥青需求延续弱势，市场氛围平淡-20250912

Report Summary 1) Report Industry Investment Rating - Unilateral: Oscillating weakly; Inter - period: None; Cross - variety: None; Futures - spot: None; Options: None [2] 2) Core View of the Report - The asphalt demand continues to be weak, and the market atmosphere is dull. The crude oil price fluctuates, with high short - term uncertainty and limited guidance for asphalt price direction. The terminal demand for asphalt is poor, especially in the southern region, with an unobvious peak - season feature. The supply of asphalt spot resources in some areas has increased, suppressing market sentiment. If the rebound of oil prices is insufficient, the upward driving force for the asphalt market is limited [1] 3) Summary by Relevant Catalog Market Analysis - On September 11, the closing price of the main asphalt futures contract BU2511 in the afternoon session was 3,463 yuan/ton, up 0.76% from the previous day's settlement price. The open interest was 252,780 lots, a net increase of 8,010 lots, and the trading volume was 186,437 lots, a net increase of 36,014 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3,806 - 4,086 yuan/ton; Shandong: 3,490 - 3,820 yuan/ton; South China: 3,480 - 3,540 yuan/ton; East China: 3,560 - 3,700 yuan/ton [1] - The asphalt prices in North China, South China, and Sichuan - Chongqing markets dropped yesterday, while that in the Shandong market rose slightly, and the prices in other regions remained generally stable [1] Strategy - Unilateral strategy: Oscillating weakly; no specific strategies for inter - period, cross - variety, futures - spot, and options [2] Figures - The report includes figures on asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest, Northwest), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures (unilateral, main contract), domestic asphalt weekly production, production of independent refineries and in different regions (Shandong, East China, South China, North China), domestic asphalt consumption in different fields (road, waterproof, coking, ship fuel), and asphalt inventories (refinery, social) [3]