沥青数据日报-20251124

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The spot circulation volume of asphalt in North China and Shandong is relatively low, and the market supply remains at a low level, which supports the price stability; the main refineries in South China and East China focus on digesting their own inventories, which also provides some support for the asphalt price. However, there are still abundant low - price resources in the social inventory, which need time to be digested, and the market is still in a wait - and - see mood. The shipping price in East China is still expected to decline. In the future, the refinery operating rate in Shandong remains low, and the market supply is tight, which supports the regional asphalt price; in the East China market, under the influence of the shipping support policy, the market is in a strong wait - and - see atmosphere with weak purchasing willingness, and the shipping price still has room to decline in the short term [5] 3. Summary by Related Content 3.1 Asphalt Spot Market - In different regions, the current and previous spot prices in East China are 3200 - 3500, in Northeast China are 3020, in South China are 3130, in Northwest China are 3940, and in Shandong are 3030, with a 0% increase in all regions [1] 3.2 Asphalt Futures Market - For asphalt futures, the current values of BU2512, BU2601, and BU2602 are 3013, 3009, and 3024 respectively, with previous values of 3051, 3058, and 3073 respectively, and the corresponding increases are - 1.25%, - 1.60%, and - 1.59% [1] 3.3 External Market News - The London Intercontinental Exchange announced a ban on the delivery of diesel refined from Russian crude oil in third - countries, pushing the ICE diesel crack spread to a more than two - year high and further expanding the spot premium structure. Politico reported that the White House is about to announce a major new peace agreement with Russia to end the three - and - a - half - year Russia - Ukraine conflict, with an expected agreement on the framework by the end of this month or even as early as this week. A Russian diplomat explained that a missile fell on a US military base when a Russian fighter jet was on a mission over Israel due to the inability to replace multiple fighter parts because of sanctions. The Sudanese Energy Ministry's deputy minister said that Sudan has postponed some exports of South Sudan's Dar Blend crude oil due to recent attacks on oil facilities. Axios reported that the US and Russia are coordinating on a potential Ukraine peace initiative [3]