建信期货沥青日报-20251211

Report Information - Report title: Asphalt Daily Report [1] - Report date: December 11, 2025 [2] 1. Report's Core View - The oil price lacks support, and the asphalt market has weak supply and demand. The short - term market is cautious, and it is advisable to wait and see [6] 2. Summary by Directory 2.1 Market Review and Operation Suggestions - Futures Market: For BU2602, the opening price was 252 yuan/ton, the closing price was 2940 yuan/ton, the highest was 2953 yuan/ton, the lowest was 2916 yuan/ton, the decline rate was 0.24%, and the trading volume was 141,200 lots. For BU2603, the opening price was 2971 yuan/ton, the closing price was 2958 yuan/ton, the highest was 2971 yuan/ton, the lowest was 2936 yuan/ton, the decline rate was 0.20%, and the trading volume was 36,100 lots [6] - Spot Market: The asphalt spot price in North China continued to rise, and prices in other regions were generally stable. Tight spot resources in some areas pushed up prices. Yangzi Petrochemical had no plan to continue asphalt production after a brief restart. Zhenhai Refining, Dongming Petrochemical, and Shengxing Petrochemical planned to resume production. The asphalt plant operating rate was expected to rebound slightly. Cold air affected most parts of China, with road demand in Northeast and Northwest China stagnant, but there was still construction rush demand in Shandong. Demand was expected to be stable [6] 2.2 Industry News - Shandong Market: The mainstream transaction price of 70 A - grade asphalt was 2860 - 3370 yuan/ton, remaining stable. Weak crude oil and asphalt futures trends were negative for market sentiment. However, due to better coking profits, some refineries switched to producing residue, reducing regional supply and providing bottom - support [7] - East China Market: The mainstream transaction price of 70 A - grade asphalt was 3100 - 3250 yuan/ton, remaining stable. Crude oil and asphalt futures were weak again. Although the mainstream refinery truck - shipping transactions were stable, some social warehouse quotes in East China were below 3000 yuan/ton, which was negative. Most northern refineries had not announced winter - storage policies, so traders' enthusiasm for warehousing was low, and the market faced downward pressure [7] 2.3 Data Overview - The report presented data on asphalt spot prices, basis, daily operating rate, comprehensive profit, cracking spread, social inventory, manufacturer inventory, and warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [10][12][14]