建信期货沥青日报-20251212

Report Information - Report Title: Asphalt Daily Report [1] - Date: December 12, 2025 [2] Industry Investment Rating - Not provided 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] Summary by Section 1. Market Review and Operation Suggestions - Futures Market: For BU2602, the opening price was 2954 yuan/ton, the closing price was 2960 yuan/ton, the highest was 2997 yuan/ton, the lowest was 2943 yuan/ton, the increase was 0.92%, and the trading volume was 256,000 lots. For BU2603, the opening price was 2957 yuan/ton, the closing price was 2973 yuan/ton, the highest was 3008 yuan/ton, the lowest was 2957 yuan/ton, the increase was 0.68%, and the trading volume was 71,400 lots [6] - Spot Market: Spot prices in Shandong and North China increased, while those in East China and Sichuan - Chongqing decreased, and prices in other regions were generally stable. Yangzi Petrochemical has no plan to continue producing asphalt after a short resumption. Zhenhai Refining & Chemical, Dongming Petrochemical, and Shengxing Petrochemical plan to resume asphalt production, and the asphalt plant operating rate is expected to rebound slightly. Cold air affects most parts of China. 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 be stable [6] 2. Industry News - Shandong Market: The mainstream transaction price of 70 A - grade asphalt was 2880 - 3370 yuan/ton, up 10 yuan/ton from the previous workday. International oil prices rebounded, asphalt futures rose during the session, and the reduction of spot resource circulation in some areas led to an increase in traders' spot quotes [7] - East China Market: The mainstream transaction price of 70 A - grade asphalt was 3100 - 3220 yuan/ton, down 15 yuan/ton from the previous workday. The shipping price of the main refinery in Zhejiang was lowered this week, and the CIF price in Jiangsu is expected to drop to around 2950 yuan/ton, suppressing the market price, and the ex - factory trucking price in East China also decreased [7] 3. Data Overview - Multiple data charts are provided, including South China asphalt spot price, 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 Jianxin Futures [14][17][20]