建信期货沥青日报-20250926

Group 1: Report General Information - Report Name: Asphalt Daily Report [1] - Report Date: September 26, 2025 [2] Group 2: Investment Rating - There is no information about the industry investment rating in the provided content. Group 3: Core Viewpoints - The asphalt market shows a situation of weak supply and demand, and it is expected to operate in a volatile and weak manner, with a bearish outlook [6]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For BU2511, the opening price was 3412 yuan/ton, the closing price was 3440 yuan/ton, the highest was 3447 yuan/ton, the lowest was 3401 yuan/ton, the increase was 1.30%, and the trading volume was 17.54 million lots. For BU2512, the opening price was 3353 yuan/ton, the closing price was 3385 yuan/ton, the highest was 3392 yuan/ton, the lowest was 3346 yuan/ton, the increase was 1.17%, and the trading volume was 5.38 million lots [6]. - Spot Market: Domestic major regional asphalt spot prices remained stable. The rebound of crude oil and asphalt futures had limited positive impact on the asphalt spot market, and the spot market remained cautious. The expected switch of Haisheng Petrochemical to produce residual oil and the production reduction plans of some refineries might cut supply, but the asphalt production switch plans of Jiangsu Xinhai Petrochemical and Shandong Shengxing Petrochemical were implemented, and Jincheng Petrochemical and Dongming Petrochemical, which had already switched production, continued to operate stably. It was expected that the operating load rate of asphalt plants would continue to rise. In terms of demand, the weather in the northern and central markets was favorable, and with the drive of project rush - work, there was some resilience in demand, while the demand in the southern region was affected by typhoon weather. Overall, demand remained stable [6]. 2. Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3450 - 3720 yuan/ton, remaining stable compared with the previous working day. Terminal demand was steadily released, and refinery supply continued to be abundant. However, near the end of the month, the circulation of some brand asphalt spot resources decreased, which supported the asphalt price. Today, the quotes of refineries and traders in Shandong region remained stable [7]. - South China Market: The mainstream transaction price of 70A grade asphalt was 3450 - 3550 yuan/ton, remaining stable compared with the previous working day. Today, the local storage areas in Foshan and Maoming gradually resumed shipping, but the market demand had not fully recovered, and the quotes of social warehouses remained stable. Although Maoming Petrochemical had completed this month's plan, with abundant social warehouse resources, there was no support for the asphalt price to rise [7]. 3. Data Overview - The report presents multiple data charts including 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, with data sources from wind and the research and development department of Jianxin Futures [14][16][18][24].