建信期货沥青日报-20251105

Report Information - Report Type: Asphalt Daily Report [1] - Date: November 5, 2025 [2] Report Summary Investment Rating No investment rating is provided in the report. Core View - The adjustment of oil prices and the weak supply and demand of asphalt may lead to a continued decline in asphalt prices [7]. Section Summaries 1. Market Review and Operation Suggestions - Futures Market: The BU2601 contract opened at 3228 yuan/ton, closed at 3193 yuan/ton, with a maximum of 3245 yuan/ton, a minimum of 3189 yuan/ton, a decline of 2.00%, and a trading volume of 174,100 lots. The BU2512 contract opened at 3228 yuan/ton, closed at 3198 yuan/ton, with a maximum of 3248 yuan/ton, a minimum of 3182 yuan/ton, a decline of 2.24%, and a trading volume of 26,400 lots [6]. - Spot Market: The spot prices of asphalt in North China, Shandong, South China, and Sichuan and Chongqing regions have declined, while the spot prices of asphalt in other regions are relatively stable. The continuous decline of asphalt futures has a negative impact on the spot price of asphalt [6]. - Supply: Some refineries have production reduction or shutdown plans, but the increase in production of other refineries will form a hedge, and the overall operating load rate is expected to remain basically the same [6]. - Demand: The demand side has begun to decline seasonally. The road projects in the Northeast and Northwest are coming to an end, and the rigid demand for asphalt is shrinking rapidly. The demand in North China and Shandong is only supported by some key projects, and the demand increment is scarce. The construction in the South is stable, but the slow consumption of resources highlights the weak demand. The lack of funds is still the core factor restricting the project progress, and the actual demand for asphalt continues to be weaker than expected [6]. 2. Industry News No industry news is provided in the report. 3. Data Overview - South China Market: The mainstream transaction price of 70A grade asphalt is 3350 - 3520 yuan/ton, a decrease of 10 yuan/ton compared with the previous working day. The price adjustment of Sinopec's asphalt road transportation has a negative impact on the market sentiment, and the decline of asphalt prices in the north has led to some resources seizing the South China sales area, resulting in a sporadic decline in the social inventory quotation in South China [10]. - Shandong Market: The mainstream transaction price of 70A grade asphalt is 3130 - 3620 yuan/ton, a decrease of 10 yuan/ton compared with the previous working day. Although the international oil price has risen slightly, the asphalt futures have continued to decline. The spot and contracts sold by futures - spot traders and the pre - sale of forward contracts by refineries have led to an oversupply of market offers and a continuous decline in asphalt prices [10].