建信期货沥青日报-20260120

1. Report Information - Report Name: Asphalt Daily Report [1] - Date: January 20, 2026 [2] 2. Industry Investment Rating - Not provided in the report 3. Core Viewpoints - After the bullish factors of asphalt raw materials are gradually digested, the supply - demand returns to an equilibrium level, and the price is expected to fluctuate. Attention should be paid to oil price performance [7]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Futures Market: For BU2603, the opening price was 3,149 yuan/ton, the closing price was 3,142 yuan/ton, the highest was 3,156 yuan/ton, the lowest was 3,126 yuan/ton, the increase was 0.29%, and the trading volume was 124,800 lots. For BU2604, the opening price was 3,166 yuan/ton, the closing price was 3,151 yuan/ton, the highest was 3,166 yuan/ton, the lowest was 3,138 yuan/ton, the increase was 0.32%, and the trading volume was 12,300 lots [6]. - Spot Market: The asphalt spot price in North China rose slightly, while those in Shandong and East China declined. The prices in other regions remained basically stable. Snow and rain limited the release of rigid demand [6]. - Supply: Shengxing Petrochemical planned to switch to asphalt production on the 16th, but Qilu Petrochemical switched to residue production on the 15th. The asphalt plant operating rate is expected to remain basically flat next week [7]. - Demand: Cold air will strengthen in the next ten days, with obvious snow and rain in the Huanghuai and Jiangnan regions. Road construction projects in East and Central China may gradually enter the final or suspension stage. Winter - storage contracts in the north will continue to arrive. Overall demand is expected to have limited fluctuations, and speculative demand is expected to increase slightly [7]. 4.2 Industry News - Shandong Market: The mainstream transaction price of 70A - grade asphalt was 3,010 - 3,240 yuan/ton, a decrease of 5 yuan/ton from the previous working day. Cooling and snowfall in Shandong and surrounding areas restricted the release of rigid demand, leading to price cuts by some brand traders [8]. - South China Market: The mainstream transaction price of 70A - grade asphalt was 3,130 - 3,250 yuan/ton, remaining stable. Market demand was weak, with traders and downstream buyers purchasing on demand. Social inventory prices were also stable [8]. 4.3 Data Overview - The report includes data on 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. All data sources are Wind and the Research and Development Department of CCB Futures [11][15][18][23]