建信期货沥青日报-20251216

Report Information - Report Title: Asphalt Daily Report [1] - Date: December 16, 2025 [2] Industry Investment Rating - Not provided Core View - Oil prices lack support, and asphalt has no obvious driving force, expected to continue oscillating [6] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: BU2602 opened at 2941 yuan/ton, closed at 2963 yuan/ton, with a high of 2989 yuan/ton, a low of 2931 yuan/ton, a rise of 0.54%, and a trading volume of 211,000 lots; BU2603 opened at 2970 yuan/ton, closed at 2982 yuan/ton, with a high of 3005 yuan/ton, a low of 2951 yuan/ton, a rise of 0.74%, and a trading volume of 67,300 lots [6] - Spot Market: Asphalt spot prices in North China rose slightly, those in Shandong and Sichuan-Chongqing regions fell significantly, and prices in other regions remained stable. Rigid demand for asphalt continued to decline, negatively affecting market sentiment [6] - Supply: After the resumption of asphalt production at Guangzhou Petrochemical in South China, the operating rate is expected to remain stable, while in Shandong, there is no new resumption plan after the switch to producing residual oil, and the operating rate is expected to decline slightly [6] - Demand: Cold snaps will continue to affect most parts of China in the next ten days, with widespread rain and snow in central and eastern regions. Although the temperature will gradually rise after the 14th, demand is unlikely to be significantly supported due to seasonal factors [6] 2. Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt was 2850 - 3370 yuan/ton, down 15 yuan/ton from the previous working day. The increase in spot resource circulation and the decline in demand led to price cuts by refineries and traders [7] - East China Market: The mainstream transaction price of 70A grade asphalt was 3100 - 3220 yuan/ton, remaining stable from the previous working day. The futures price rose, but the spot price lacked upward momentum, and the high ex-factory price of road transportation limited purchasing enthusiasm [7] 3. Data Overview - The report presents multiple data charts, including those on South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking spread, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts [11][12][13]