建信期货沥青日报-20251127

Report Information - Report Title: Asphalt Daily Report [1] - Date: November 27, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The oil price has no support, the supply and demand of asphalt are both weak, the basis has significantly narrowed, and the market will mainly move in a volatile manner [6] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For BU2601, the opening price was 3054 yuan/ton, the closing price was 3043 yuan/ton, the highest was 3068 yuan/ton, the lowest was 3024 yuan/ton, the daily change was -0.56%, and the trading volume was 18.79 million lots. For BU2602, the opening price was 3046 yuan/ton, the closing price was 3037 yuan/ton, the highest was 3060 yuan/ton, the lowest was 3022 yuan/ton, the daily change was -0.78%, and the trading volume was 8.55 million lots [6] - Spot Market: The spot price of asphalt in Shandong continued to decline, while prices in other regions remained generally stable. Yangzi Petrochemical has no plan to resume asphalt production after a brief restart. Zhenhai Refining & Chemical, Dongming Petrochemical, and Shengxing Petrochemical all plan to resume asphalt production, and the asphalt plant operating rate is expected to rebound slightly. Cold air has affected most parts of China again, with road demand in the Northeast and Northwest stagnant, but there is still rush - construction demand in Shandong and other regions, and demand is expected to remain stable [6] 2. Industry News - Shandong Market: The mainstream transaction price of 70A asphalt was 2960 - 3470 yuan/ton, a decrease of 15 yuan/ton from the previous working day. The supply of asphalt spot resources in the Shandong market is abundant, some refineries are eager to sell contracts to preempt market demand in advance, and the quotes of some brand resources by traders have been lowered, leading to a continued downward trend in prices [7] - East China Market: The mainstream transaction price of 70A asphalt was 3200 - 3400 yuan/ton, remaining stable from the previous working day. The demand in the East China market continued to be weak and stable, the social inventory shipments were stable and the inventory decreased, and the overall inventory of refineries also decreased as some refineries had previously shut down. However, the asphalt production of Zhenhai and Jinling was large at the end of the month, the overall market supply was abundant, and the truck - transportation price of the main refinery in Ningbo was lowered today, so the price in the East China market is expected to decline [7] 3. Data Overview - The report presents multiple data charts, including those on South China asphalt spot prices, 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 [10][12][14][22]