建信期货沥青日报-20260225

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: February 25, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - No investment rating information provided. Group 3: Core View - The asphalt market continues to have weak supply and demand, mainly driven by the Middle East situation. There are still core differences between the two sides, and the market rumors that the US may strike Iran, which could drive up oil prices and lead to an increase in asphalt prices. Attention should be paid to the situation in Iran. [6] Group 4: Market Review and Operation Suggestions - Futures Market: BU2604 opened at 3359 yuan/ton, closed at 3348 yuan/ton, with a high of 3408 yuan/ton, a low of 3346 yuan/ton, a daily change of 1.67%, and a trading volume of 154,400 lots. BU2606 opened at 3380 yuan/ton, closed at 3372 yuan/ton, with a high of 3414 yuan/ton, a low of 3366 yuan/ton, a daily change of 2.24%, and a trading volume of 65,800 lots. [6] - Spot Market: Today, asphalt spot prices in North China, Shandong, East China, and South China increased, while those in Sichuan and Chongqing decreased, and prices in other regions remained stable. The high - level fluctuations of crude oil prices and asphalt futures supported the spot market atmosphere. [6] Group 5: Industry News - No industry news information provided. Group 6: Data Overview - Shandong Market: The mainstream intended price of 70A grade asphalt was 3270 - 3340 yuan/ton, an increase of 65 yuan/ton from the previous working day. During the holiday, the increase in international oil prices supported asphalt prices from the cost side. The asphalt futures opened higher and fluctuated, which was beneficial to the spot market sentiment, and the spot and contract quotes of traders increased. [9] - East China Market: The mainstream transaction price of 70A grade asphalt was 3250 - 3300 yuan/ton, an increase of 10 yuan/ton from the previous working day. Although crude oil prices declined, they were still at a six - month high, providing some support on the cost side. The asphalt futures opened and closed higher, boosting the spot price. During the Spring Festival holiday, Sinopec slightly raised prices, driving up the mainstream transaction price. [9]