建信期货沥青日报-20251024

Report Information - Report Title: Asphalt Daily Report [1] - Report Date: October 24, 2025 [2] Investment Rating - No investment rating information provided Core View - Oil prices rebounded, and asphalt followed suit. The previous strategy of going long on asphalt and short on crude oil was gradually stopped for profit. For the time being, take a wait - and - see approach on single - side trading [6] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For BU2601, the opening price was 3236 yuan/ton, the closing price was 3277 yuan/ton, the highest was 3300 yuan/ton, the lowest was 3236 yuan/ton, the increase was 2.31%, and the trading volume was 283,000 lots. For BU2512, the opening price was 3255 yuan/ton, the closing price was 3294 yuan/ton, the highest was 3311 yuan/ton, the lowest was 3255 yuan/ton, the increase was 2.01%, and the trading volume was 62,300 lots [6] - Spot Market: Prices in North China, Shandong, and South China rose, those in Northeast China fell significantly, and prices in other regions were relatively stable. The decline in Northeast was due to weakening road - oriented demand and falling low - sulfur asphalt prices [6] - Supply: Liaohe Petrochemical plans to increase production, but the reduction at East China's Jinling Petrochemical and the non - resumption plans of some refineries in Shandong and Henan may lead to a decline in this week's asphalt operating rate [6] - Demand: Rainfall decreased in the north, providing some support for rigid demand, but the capital problem of small and medium - sized projects remained severe, and speculative demand was also low [6] 2. Industry News - South China Market: The mainstream transaction price of 70A grade asphalt was 3340 - 3550 yuan/ton, remaining stable. Despite reduced supply from refineries, sufficient social inventory and low - price sales by some traders made it difficult to raise prices [7] - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3270 - 3620 yuan/ton, up 10 yuan/ton. The rebound of international oil prices and asphalt futures boosted market sentiment. Although refinery quotes were stable, some traders raised prices, and good sales of low - price resources drove up the low - end price [7] 3. Data Overview - The report presented 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 CCB Futures [9][13][15]