建信期货沥青日报-20250919

Group 1: Report Information - Report Type: Asphalt Daily Report [1] - Date: September 19, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core View - The asphalt market is in a situation of weak supply and demand, showing a volatile trend. It is recommended to wait and see for now [6] Group 4: Market Review and Operation Suggestions - Futures Market: For BU2511, the opening price was 3445 yuan/ton, the closing price was 3427 yuan/ton, the highest was 3451 yuan/ton, the lowest was 3417 yuan/ton, with a decline of 0.35%, and the trading volume was 152,000 lots. For BU2512, the opening price was 3401 yuan/ton, the closing price was 3388 yuan/ton, the highest was 3408 yuan/ton, the lowest was 3378 yuan/ton, with a decline of 0.38%, and the trading volume was 32,400 lots [6] - Spot Market: Asphalt prices in the Northwest and North China markets increased, while prices in other regions remained generally stable. The limited supply of some asphalt brands supported regional prices [6] - Supply: Jinling Petrochemical may reduce asphalt production, and 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, so the asphalt plant operating rate is expected to continue to rise [6] - Demand: In the north, road projects are in a concentrated rush to work, and asphalt demand is improving steadily. In the south, due to the long construction period, the peak construction period has not yet arrived, and asphalt demand is mainly released steadily with limited overall growth [6] Group 5: Industry News - South China Market: The mainstream transaction price of 70 A - grade asphalt was 3480 - 3540 yuan/ton, remaining stable. Although the social inventory in South China is abundant, traders still expect strong demand in the fourth - quarter peak season, so the selling prices remain stable [7] - East China Market: The mainstream transaction price of 70 A - grade asphalt was 3550 - 3650 yuan/ton, remaining stable. With the reduction of the trucking price of Zhenhai Refining & Chemical, the trucking factory - pickup spot prices in Zhejiang generally decreased, and the overall market transaction range declined. Currently, the demand growth in the East China market is limited, the social inventory remains high and the destocking is slow, the resource supply is abundant, and the refinery production in September is stable, so the spot prices are under continuous pressure [7] Group 6: Data Overview - Multiple data charts are provided, including asphalt cracking, social inventory, daily operating rate, Shandong asphalt comprehensive profit, etc., with data sources from wind and the Research and Development Department of CCB Futures [10][12][15]