建信期货沥青日报-20250916

Group 1: Report Overview - Report Name: Asphalt Daily Report [1] - Date: September 16, 2025 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The asphalt market is in a situation of weak supply and demand, with prices oscillating. It is recommended to wait and see for now [6] Group 4: Market Review and Operation Suggestions - Futures Market: The opening price of BU2511 was 3410 yuan/ton, closing at 3393 yuan/ton, with a decline of 0.29% and a trading volume of 204,300 lots. The opening price of BU2512 was 3377 yuan/ton, closing at 3355 yuan/ton, with a decline of 0.12% and a trading volume of 47,200 lots [6] - Spot Market: The asphalt price in the North China market increased slightly, while that in Shandong decreased. Prices in other regions remained stable. There are both bullish and bearish factors in the spot market, and prices are generally stable [6] - Supply: Jinling Petrochemical may reduce asphalt production, and Qilu Petrochemical in Shandong switched to producing residual oil. However, Zhongyou Qinhuangdao may resume asphalt production in mid - September, and Jincheng Petrochemical and Henan Fengli will gradually switch to asphalt production. The asphalt plant operating rate is expected to continue to rise [6] - Demand: Road projects in the northern region are in a concentrated rush - construction period, and asphalt demand is improving steadily. In the southern region, due to the long construction period, it has not yet entered the rush - construction stage, and asphalt demand is mainly released steadily with limited overall growth [6] Group 5: Industry News - South China Market: The mainstream transaction price of 70A asphalt was 3480 - 3540 yuan/ton, remaining stable. Although market demand is stable with no increase, the contracts of local futures - spot traders have been mostly purchased by local traders, and traders are more inclined to hold up prices [7] - Shandong Market: The mainstream transaction price of 70A asphalt was 3480 - 3820 yuan/ton, down 5 yuan/ton from the previous trading day. Although international oil prices and asphalt futures rebounded during the session, the boost to the spot market was limited. With sufficient resource supply, some traders were actively selling, leading to a decline in prices [7] Group 6: Data Overview - The report provides multiple data charts, including asphalt cracking, social inventory, daily operating rate, Shandong asphalt comprehensive profit, South China asphalt spot price, Shandong asphalt basis, manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [10][12][15]