建信期货沥青日报-20260311

Group 1: Report Information - Report title: Asphalt Daily Report [1] - Report date: March 11, 2026 [2] - Research team: Energy and Chemical Research Team [4] - Researchers: Li Jie, Ren Junchi, Peng Jinglin, Liu Youran, Feng Zeren [4] Group 2: Market Review and Operation Suggestions - Futures market: BU2604 opened at 4,153 yuan/ton, closed at 3,746 yuan/ton, with a high of 4,153 yuan/ton, a low of 3,523 yuan/ton, a decline of 4.78%, and a trading volume of 377,100 lots; BU2606 opened at 4,032 yuan/ton, closed at 3,730 yuan/ton, with a high of 4,065 yuan/ton, a low of 3,518 yuan/ton, a decline of 4.19%, and a trading volume of 348,300 lots [6] - Spot market: Today, asphalt spot prices in the Northwest and East China regions rose slightly, while prices in other regions fell to varying degrees. The sharp decline in asphalt futures today dampened the sentiment in the asphalt spot market [6] - Market analysis: The continuous blockade of the Strait of Hormuz has led to successive production cuts by Middle Eastern oil-producing countries, and the market's panic has amplified price fluctuations. There has been no significant improvement in asphalt demand, which is mainly supported by tightened raw materials. Although oil prices have adjusted in the short term, they remain strong before the blockade is lifted, driving up asphalt prices [6] Group 3: Industry News - Shandong market: The mainstream intended price of 70 A-grade asphalt is 3,600 - 3,800 yuan/ton, a decrease of 525 yuan/ton from the previous working day. The decline in international oil prices and asphalt futures has dampened the sentiment in the spot market and facilitated the sales of futures-spot traders, leading to a significant reduction in the contract sales prices of futures-spot traders and the spot sales prices of traders, which has driven down the market price in Shandong [7] - South China market: The mainstream intended price of 70 A-grade asphalt is 3,700 - 4,200 yuan/ton, a decrease of 150 yuan/ton from the previous working day. Major refineries still limit or do not supply goods, and there is still an expectation of price increases. However, due to the significant correction in asphalt futures prices, the selling prices of some futures-spot traders have been reduced, driving down the low-end prices in the South China market [7] Group 4: Data Overview - Figures: The report includes figures on South China asphalt spot prices, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [9][13][14][19]