建信期货沥青日报-20260213

Report Information - Report Title: Asphalt Daily Report [1] - Date: February 13, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Investment Rating - Not provided Core Viewpoints - The asphalt market continues to have a pattern of weak supply and demand. The supply side may see a decline in the operating load rate of asphalt plants, and raw material supply is expected to tighten after the Spring Festival, which may support the spot market. The demand side is seasonally weak, and asphalt is expected to follow the trend of oil prices [6]. Summary by Section 1. Market Review and Operation Suggestions - Futures Market: The opening, closing, highest, and lowest prices, as well as the trading volume and price changes of BU2604 and BU2606 contracts are presented. BU2604 closed at 3343 yuan/ton with a decline of 0.24%, and the trading volume was 17.51 million lots. BU2606 closed at 3348 yuan/ton with a decline of 0.18%, and the trading volume was 3.54 million lots [6]. - Spot Market: The asphalt spot prices in the Northeast and Shandong regions increased, while those in other regions remained stable. The supply and demand in the asphalt spot market are both weak, and prices fluctuate slightly. The supply side may see a decline in the operating load rate, and raw material supply may tighten after the Spring Festival. The demand side is seasonally weak due to low temperatures and project shutdowns [6]. 2. Industry News - South China Market: The mainstream transaction price of 70A grade asphalt is 3290 - 3350 yuan/ton, remaining stable. Most projects have stopped, and the rigid demand is low. However, the inventory is limited, and the supply side has no pressure, so the price remains stable [7]. - East China Market: The mainstream transaction price of 70A grade asphalt is 3250 - 3280 yuan/ton, remaining stable. Although the increase in crude oil prices supports the cost, the weak terminal demand restricts the market, and the price is expected to remain stable before the Spring Festival [7]. 3. Data Overview - Includes various data charts such as 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]