成本端支撑偏强，沥青期现价格受到抬升

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The cost side has strong support, driving up the spot and futures prices of asphalt. The asphalt market is currently in a state of weak supply and demand with limited contradictions. The short - term trend is expected to be oscillating and bullish, and attention should be paid to the development of the Iran situation [1][2] 3. Summary According to Related Content Market Analysis - On February 24, the closing price of the main BU2604 contract of asphalt futures in the afternoon session was 3348 yuan/ton, up 55 yuan/ton or 1.67% from the previous trading day's settlement price. The open interest was 146,000 lots, a net increase of 2521 lots, and the trading volume was 154,400 lots, a net decrease of 14,510 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3506 - 3700 yuan/ton in Northeast China, 3290 - 3340 yuan/ton in Shandong, 3300 - 3350 yuan/ton in South China, and 3250 - 3300 yuan/ton in East China [1] - During the Spring Festival holiday, the situation in Iran heated up again, and the differences in the US - Iran negotiations were still large. The market was worried about the US military strike on Iran, causing crude oil prices to rise significantly. On the first trading day after the holiday, the asphalt futures market rose following the external market, and the spot prices also generally increased, but the actual trading volume was low [1] - In terms of asphalt's own fundamentals, the overall market is currently in a state of weak supply and demand with limited contradictions. Due to the tightening of Venezuelan crude oil supply, domestic asphalt refineries have gradually started to switch raw materials. In February, some refineries purchased Iranian crude oil from floating storage and bonded tanks to replace Merey crude oil. Considering the discount of Iranian oil, the increase in the cost side may be somewhat controllable. However, if the conflict in the Middle East intensifies, the risk on the raw material side will further increase [1] Strategy - Unilateral: Short - term oscillation and bullish, pay attention to the development of the Iran situation. No strategies are provided for inter - period, cross - variety, spot - futures, and options [2]