石油沥青日报：终端需求仍偏弱，局部现货下跌-20250918

Group 1: Report Industry Investment Rating - The unilateral investment strategy for asphalt is to expect a weak and volatile trend, while there are no strategies for inter - period, cross - variety, spot - futures, and options [2] Group 2: Core Viewpoints - The terminal demand for asphalt remains weak, and local spot prices are falling. Although the recent rebound in crude oil prices has driven a slight increase in the asphalt futures market, the upward momentum is limited, and the short - term trend is still unclear. The fundamentals of the asphalt market are weak. If the rebound in oil prices is insufficient, the upward driving force for the futures market will also be limited [1] Group 3: Market Analysis Summary Futures Market - On September 17th, the closing price of the main BU2511 asphalt futures contract in the afternoon session was 3445 yuan/ton, a 0.58% increase from the previous day's settlement price. The open interest was 233,590 lots, a decrease of 991 lots from the previous day, and the trading volume was 141,270 lots, a decrease of 21,219 lots from the previous day [1] Spot Market - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3786 - 4086 yuan/ton in the Northeast, 3480 - 3770 yuan/ton in Shandong, 3480 - 3540 yuan/ton in South China, and 3550 - 3650 yuan/ton in East China. The asphalt price in the North China market rose slightly yesterday, while the spot prices in the Northeast and East China regions fell significantly, and the prices in other regions remained generally stable. The increase in supply and weak demand in some areas have led to downward pressure on local spot prices [1] Group 4: Chart Information - The report includes charts on asphalt spot prices in various 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 and regional asphalt production (weekly, independent refineries, Shandong, East China, South China, North China), domestic asphalt consumption in different sectors (road, waterproofing, coking, ship fuel), and asphalt inventories (refinery, social) [3]