建信期货沥青日报-20260212

Report Information - Report Name: Asphalt Daily Report [1] - Date: February 12, 2026 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie, Ren Junchi, Peng Jinglin, Liu Youran, Feng Zeren [4] 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The asphalt market continues to have a pattern of weak supply and demand. The supply side is expected to see a decline in the operating load rate of asphalt plants, and there is an expectation of tightened raw material supply and potential price increases after the Spring Festival. The demand side is seasonally weak, and asphalt is expected to mainly follow the movement of oil prices [6]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Futures Market: For BU2604, the opening price was 3347 yuan/ton, the closing price was 3373 yuan/ton, the highest was 3374 yuan/ton, the lowest was 3324 yuan/ton, the increase was 0.51%, and the trading volume was 132,000 lots. For BU2606, the opening price was 3365 yuan/ton, the closing price was 3370 yuan/ton, the highest was 3372 yuan/ton, the lowest was 3329 yuan/ton, the increase was 0.48%, and the trading volume was 30,300 lots [6]. - Spot Market: The spot prices of asphalt in various domestic regions were generally stable. Near the Spring Festival, the supply and demand in the asphalt spot market were both weak, and prices tended to be stable. The supply side is expected to see a decline in the operating load rate of asphalt plants, and there is an expectation of tightened raw material supply after the Spring Festival. The demand side is seasonally weak, and most projects in the south have gradually stopped work [6]. 3.2 Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt was 3180 - 3240 yuan/ton, remaining stable compared to the previous working day. International oil prices and asphalt futures maintained a range-bound trend, providing no obvious guidance to spot prices. Most transactions remained weak [7]. - South China Market: The mainstream transaction price of 70 A-grade asphalt was 3290 - 3350 yuan/ton, remaining stable compared to the previous working day. As the Spring Festival holiday approaches, most projects have stopped work, and asphalt demand is low. However, the inventory of asphalt in refineries and social warehouses is limited, and there is no pressure on the supply side [7]. 3.3 Data Overview - The report provides multiple data charts, including asphalt cracking, social inventory, daily operating rate, comprehensive profit in Shandong, spot price in South China, basis in Shandong, manufacturer inventory, and warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [12][13][18][21]