建信期货沥青日报-20260115

1. Report Information - Report Title: Asphalt Daily Report [1] - Report Date: January 15, 2026 [2] 2. Investment Rating - No investment rating information provided. 3. Core View - The asphalt market is relatively balanced in terms of supply and demand. The center of the market will rise compared to before the Venezuelan event. Attention should be paid to the dynamics of the raw material end. [6] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Futures Market: The opening price of BU2603 was 3168 yuan/ton, the closing price was 3168 yuan/ton, the highest was 3190 yuan/ton, the lowest was 3151 yuan/ton, the increase was 1.38%, and the trading volume was 19.91 million lots. The opening price of BU2604 was 3159 yuan/ton, the closing price was 3172 yuan/ton, the highest was 3193 yuan/ton, the lowest was 3152 yuan/ton, the increase was 1.47%, and the trading volume was 2.31 million lots. [6] - Spot Market: The spot prices of asphalt in North China and Shandong increased, while those in other regions remained stable. The continuous rise in crude oil prices supported the atmosphere of the asphalt spot market. [6] - Supply: Venezuelan oil resources are prioritized for the US market, which supports the domestic asphalt supply. Qilu Petrochemical and Jinling Petrochemical plan to resume asphalt production on the weekend, but Shandong Shengxing Petrochemical and Dongming Petrochemical will switch to producing residual oil, and Maoming Petrochemical has no plan to resume production. It is expected that the operating load rate of asphalt plants will continue to decline. [6] - Demand: The rigid demand for asphalt in the South will remain relatively stable. The construction season in the North has basically ended, and the rigid demand is coming to an end. The waterproofing demand remains stable. Affected by the oil price and sentiment, the speculative demand is expected to weaken. [6] 4.2 Industry News - East China Market: The mainstream transaction price of 70A asphalt was 3180 - 3230 yuan/ton, remaining stable compared to the previous working day. The increase in international oil prices and asphalt futures supported the asphalt price in terms of cost and market sentiment, but the market demand remained weak and stable, and the spot supply was relatively abundant, so the price lacked the driving force for an increase. [7] - South China Market: The mainstream transaction price of 70A asphalt was 3130 - 3250 yuan/ton, remaining stable compared to the previous working day. The rigid demand for asphalt in Hunan and Guangxi was relatively stable, but the rigid demand in some areas of Guangdong declined slightly, and the shipment volume of some warehouses decreased. However, there were no low - price ship cargo resources available for warehousing, and the quotations of traders remained stable. [7] 4.3 Data Overview - The report provides multiple charts, including asphalt daily operating rate, Shandong asphalt comprehensive profit, South China asphalt spot price, Shandong asphalt basis, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts. [10][14][17][22]