建信期货沥青日报-20251107

Report Summary 1. Report Information - Report Name: Asphalt Daily Report - Date: November 7, 2025 - Industry: Asphalt [1][2] 2. Investment Rating - No investment rating information is provided in the report. 3. Core View - With oil price adjustments, the asphalt market is facing weak supply and demand and may continue to decline [7]. 4. Summary by Section 4.1 Market Review and Operation Suggestions - Futures Market: The asphalt futures prices showed significant declines. For example, BU2601 closed at 3109 yuan/ton, down 2.05%, and BU2512 closed at 3118 yuan/ton, down 1.61%. The decline in futures prices is negative for spot prices [6]. - Spot Market: Prices in the Northeast, Shandong, and South China regions continued to fall, while those in other regions remained relatively stable. The overall开工 load rate is expected to remain basically flat due to the offset between production increases and decreases in different refineries. Demand is seasonally weakening, with rigid demand shrinking in the Northeast and Northwest, limited demand growth in North China and Shandong, and slow resource consumption in the South. Insufficient funds are still the core factor restricting project progress, and actual demand continues to be weaker than expected [6]. 4.2 Industry News - No industry news content is provided in the report. 4.3 Data Overview - Shandong Market: The mainstream transaction price of 70 A-grade asphalt was 3050 - 3620 yuan/ton, a decrease of 25 yuan/ton from the previous trading day. The futures price decline led to active selling in the market, and the local supply increased due to the resumption of production by Shengxing [10]. - South China Market: The mainstream transaction price of 70 A-grade asphalt was 3290 - 3520 yuan/ton, a decrease of 20 yuan/ton from the previous trading day. Market demand is weak, and Sinopec's refineries in Maoming and Guangzhou may adjust prices downwards. Social inventory traders have lowered their spot quotes to lock in terminal demand in advance [10].