建信期货沥青日报-20251128

Report Information - Report Type: Asphalt Daily Report [1] - Date: November 28, 2025 [2] Industry Investment Rating - Not provided in the report Core Viewpoints - The spot price of asphalt in East China decreased today, while prices in other regions remained generally stable [6] - Yangzi Petrochemical has no plan to continue producing asphalt after a brief restart, while 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 [6] - Cold air has affected most parts of China again. Road demand in the Northeast and Northwest has stagnated, but there is still rush - repair demand in Shandong and other regions, and demand is expected to remain stable [6] - Oil prices lack support, asphalt supply and demand 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 3027 yuan/ton, the closing price was 3007 yuan/ton, the highest was 3040 yuan/ton, the lowest was 3003 yuan/ton, the decline was 1.41%, and the trading volume was 222,900 lots. For BU2602, the opening price was 3020 yuan/ton, the closing price was 3012 yuan/ton, the highest was 3033 yuan/ton, the lowest was 3004 yuan/ton, the decline was 1.08%, and the trading volume was 80,500 lots [6] - Spot Market: The spot price of asphalt in East China decreased, and prices in other regions were generally stable. Some refineries plan to resume production, and the operating rate is expected to rebound slightly. Demand in the Northeast and Northwest has stagnated, while there is still rush - repair demand in Shandong [6] 2. Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt was 2960 - 3470 yuan/ton, remaining stable from the previous working day. The supply of asphalt spot resources is abundant, and short - term production may remain at a relatively high level compared to the same period. Some refineries are eager to seize market demand and sell contracts at reduced prices, but rigid demand is still being released, and the spot quotes of refineries and traders remain stable for the time being [7] - East China Market: The mainstream transaction price of 70A grade asphalt was 3150 - 3400 yuan/ton, a decrease of 25 yuan/ton from the previous working day. Demand is relatively weak, the trends of crude oil and asphalt futures are unclear, and market participants are cautious. Recently, some major enterprises in East China have resumed asphalt production, increasing supply pressure and driving down spot prices [7] 3. Data Overview - The report presents multiple data charts, including 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]