石油沥青日报：整体交投氛围平淡，盘面窄幅上行-20250930

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The overall trading atmosphere in the asphalt market is dull, with the market showing a narrow upward trend. The current market supply is relatively abundant, while demand is weak. Most regions have a flat trading atmosphere, but there are signs of rush - work in some terminal projects in the southern region. Due to the uncertainty of the geopolitical situation, international oil prices may fluctuate significantly during the National Day holiday, which may disrupt the post - holiday BU market. It is recommended to be cautious before the holiday. The strategy for the asphalt market is to expect a sideways movement and maintain a light position before the holiday [1][2]. 3) Summary by Related Catalogs Market Analysis - On September 29, the closing price of the main BU2511 asphalt futures contract in the afternoon session was 3,466 yuan/ton, up 15 yuan/ton or 0.43% from the previous settlement price. The open interest was 132,865 lots, a decrease of 25,763 lots from the previous day, and the trading volume was 152,121 lots, a decrease of 57,958 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast region, 3,756 - 4,086 yuan/ton; Shandong region, 3,450 - 3,720 yuan/ton; South China region, 3,500 - 3,550 yuan/ton; East China region, 3,510 - 3,600 yuan/ton. The spot price of asphalt in the North China market continued to decline slightly, while those in the South China and Sichuan - Chongqing markets continued to rise. The prices in other regions remained stable [1]. Strategy - Unilateral: Sideways movement, maintain a light position before the holiday. - Inter - delivery spread: No strategy. - Inter - commodity spread: No strategy. - Futures - cash: No strategy. - Options: No strategy [2]. Figures The report includes figures showing various aspects of the asphalt market, such as spot prices in different regions (Shandong, East China, South China, North China, Southwest, and Northwest), futures index and contract closing prices, trading volume and open interest, production volume in different regions, consumption in different sectors (road, waterproofing, coking, and ship fuel), and inventory levels (refinery and social inventory) [3].