供应端支撑偏强，现货价格普遍上涨

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On March 26, the closing price of the main BU2606 asphalt futures contract in the afternoon session was 4,543 yuan/ton, up 182 yuan/ton or 4.17% from the previous settlement price, with a position of 275,580 lots, a net increase of 34,506 lots, and a trading volume of 1,016,787 lots, a net increase of 113,555 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are: 4,526 - 4,690 yuan/ton in Northeast China, 4,250 - 4,400 yuan/ton in Shandong, 4,450 - 4,600 yuan/ton in South China, and 4,450 - 4,590 yuan/ton in East China [1] - Spot prices in the northwest and east China remained stable, while prices in other regions rose to varying degrees. Tight supply in some areas, strong supply - side support, and the rebound of international oil prices led to a resurgence of market sentiment [1] - Due to the change in market expectations regarding the Iran situation, the emotional premium fluctuates. However, the number of vessels passing through the Strait of Hormuz remains low, and the supply - side contradiction has not been substantially alleviated [1] - Due to raw material shortages, the scheduled production of domestic asphalt refineries is expected to decline significantly in April. If terminal consumption rebounds seasonally or remains stable, the expectation of inventory reduction is strong, and the market structure is still supported [1] - The futures market may be repeatedly disturbed by news in the short term, and both long and short positions lack a safety margin, so caution is needed [1] Strategies - Unilateral: Short - term sharp fluctuations, mainly on the sidelines [2] - Inter - period: Pay attention to the opportunity of positive spreads at low prices [2] - Inter - commodity: None [2] - Spot - futures: None [2] - Options: None [2] Figures and Data - Figures related to asphalt spot prices in different regions (Shandong, East China, South China, North China, Southwest China, Northwest China) [3][12][5][8] - Figures related to asphalt futures prices (index, main contract, near - month contract, near - month spread) [3][25][20] - Figures related to asphalt futures trading volume and open interest (unilateral, main contract) [3][27] - Figures related to asphalt production (domestic weekly, independent refineries, Shandong, East China, South China, North China) [3][32][34] - Figures related to asphalt consumption (road, waterproofing, coking, ship fuel) [3][43][45] - Figures related to asphalt inventory (refinery, social) [3][52]