建信期货沥青日报-20250918

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: September 18, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market: BU2511 opened at 3428 yuan/ton, closed at 3445 yuan/ton, with a high of 3448 yuan/ton, a low of 3426 yuan/ton, a rise of 0.58%, and a trading volume of 14.13 million lots. BU2512 opened at 3391 yuan/ton, closed at 3404 yuan/ton, with a high of 3409 yuan/ton, a low of 3391 yuan/ton, a rise of 0.59%, and a trading volume of 3.90 million lots [6] - Spot Market: In the North China market, asphalt prices rose slightly. In the East China region, asphalt spot prices dropped significantly, while prices in other regions remained stable. The oversupply situation in East China led to the price decline [6] - Supply: Jinling Petrochemical may reduce asphalt production. Qilu Petrochemical in Shandong switched to producing residual oil. However, starting from mid - September, Zhongyou Qinhuangdao may resume asphalt production, and Jincheng Petrochemical and Henan Fengli will gradually switch to asphalt production. The asphalt plant operating rate is expected to continue rising [6] - Demand: In the northern regions, road projects are in the peak construction period, and asphalt demand is improving steadily. In the southern regions, due to the long construction cycle, the peak construction period has not yet arrived, and asphalt demand is mainly released steadily with limited overall growth [6] - Operation Suggestion: Due to the weak supply - demand situation of asphalt, it is oscillating. Temporarily stay on the sidelines [6] Group 3: Industry News - East China Market: The mainstream transaction price of 70 A - grade asphalt was 3550 - 3650 yuan/ton, down 30 yuan/ton from the previous working day. Demand was stable with no obvious increase, social inventory did not decline significantly, and market supply was abundant. The spot price in Zhejiang dropped today, and the quotations of traders like Ke Yuan and Zhenhai Refinery for truck - loading ex - factory were both lowered, driving down the market price [7] - Shandong Market: The mainstream transaction price of 70 A - grade asphalt was 3480 - 3770 yuan/ton, remaining stable from the previous working day. Hongrun Refinery was fulfilling contracts, and the concentrated pick - up by traders and downstream led to a slight vehicle congestion situation at the refinery. Due to smooth loading, the spot price of Hualong's asphalt continued the trend of small oscillations and increases, while the prices of other refineries remained stable overall [7] Group 4: Data Overview - Data includes South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, all sourced from wind and the Research and Development Department of CCB Futures [14][16][18][24]