沥青数据日报-20260127

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Futures: The main asphalt contract (BU2603) closed at 3279 yuan/ton, rising about 1.33% from the previous day. The intraday fluctuation was between 3239 - 3295 yuan/ton with active trading. In February, the scheduled production decreased slightly month - on - month, refinery start - up increased slightly, but both social and factory inventories increased slightly. Demand is in the off - season, and the cold wave restricts terminal consumption. Downstream buyers mainly stockpile for arbitrage rather than for rigid demand, and the capacity utilization rate of modified asphalt declined. - Spot: The price remained stable, downstream buyers were cautious about purchasing, actual transactions were weak, and refineries mainly executed previous contracts and stored products in warehouses. The overall supply - demand situation was loose. In the short term, the market focuses on the inventory accumulation speed under weak demand, and the market is expected to oscillate strongly. Investors can pay attention to reverse arbitrage [3] 3. Summary of Related Catalogs 3.1. Spot Market - In the spot market, prices in different regions showed different trends. In the East China region, the current price is 3200 yuan/ton, up 10 yuan/ton from the previous value; in the Northeast region, the price remained at 3440 yuan/ton; in the North China region, it was 3200 yuan/ton with no change; in the South China region, it rose 30 yuan/ton to 3220 yuan/ton; in the Northwest region, it stayed at 3430 yuan/ton; and in Shandong, it increased 50 yuan/ton to 3140 yuan/ton [1] 3.2. Futures Market - For futures, the current values of BU2602 and BU2603 were 3262 yuan/ton and 3279 yuan/ton respectively, with increases of 1.24% and 1.33% compared to the previous values [1] 3.3. International News - According to German media, the tension between the US and Iran is at its peak, and the Iranian regime is preparing for an attack. Iran's Supreme Leader Khamenei has entered a fortified bunker in Tehran. The Russia - Ukraine war continues with talks and battles, and the Abu Dhabi peace talks mediated by the US ended without results. US President Trump said that any meeting between the US, Ukraine, and Russia is a good thing [1][2]