建信期货沥青日报-20251120

Group 1: General Information - Report Name: Asphalt Daily Report [1] - Report Date: November 20, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions Market Review - Futures Market: For BU2601, the opening price was 3042 yuan/ton, closing at 3045 yuan/ton, with a high of 3066 yuan/ton, a low of 3025 yuan/ton, a decline of 0.13%, and a trading volume of 18.21 million lots. For BU2602, the opening price was 3061 yuan/ton, closing at 3068 yuan/ton, with a high of 3085 yuan/ton, a low of 3048 yuan/ton, an increase of 0.03%, and a trading volume of 3.74 million lots [6] - Spot Market: Today, the asphalt spot price in Shandong slightly increased, while prices in Northeast, North China, South China, and Sichuan and Chongqing areas decreased. Other regions' prices were relatively stable. Shengxing Petrochemical plans to switch to producing residue oil, and Yunnan Petrochemical plans to start maintenance in the middle of the month, with the operating rate expected to slightly decline. On the demand side, demand in the northern regions has significantly shrunk. Snow and rain in the Northwest, Northeast, and northern North China have reduced road asphalt demand to zero. In North China, Shandong, and surrounding areas, the temperature will drop below freezing, leading to the suspension of road projects and a seasonal decline in rigid demand. Rain in the Northwest and eastern Southwest has also affected project construction, with demand continuing to decline [6] Operation Suggestions - With no support for oil prices and weakening asphalt demand, the price center is expected to have further downward space. Consider short - selling [7] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70 A - grade asphalt was 3030 - 3520 yuan/ton, up 5 yuan/ton from the previous trading day. Due to Hongrun stopping asphalt loading, Dongming switching to producing residue oil with limited shipments, and Hualong refinery limiting shipments, the available spot resources in Shandong tightened, driving up the low - end prices [8] - South China Market: The mainstream transaction price of 70 A - grade asphalt was 3090 - 3210 yuan/ton, down 5 yuan/ton from the previous trading day. Market demand remained stable, with some warehouses having relatively stable shipments. Despite entering the traditional construction season in the southern market, demand did not improve significantly. Traders were still bearish, and social inventory quotes were slightly lowered [8] Group 4: Data Overview - The report provides multiple data charts including 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 [15][18][21][23]