市场推涨情浓厚，现货价格普遍走强

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Market sentiment for pushing up prices is strong, and spot prices generally show an upward trend. Although the market's expectations regarding the Iranian situation lead to repeated swings in emotional premiums, the impact on the actual fundamentals is gradually materializing. Due to raw material shortages, the domestic asphalt refinery production schedule is expected to decline significantly in April, and if terminal consumption seasonally rebounds or remains stable, the expectation of inventory reduction is strong, and the market structure is still supported. 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]. - For trading strategies, in the short - term, the market will experience severe fluctuations, and it is advisable to wait and see. For inter - period trading, attention should be paid to the opportunity of positive spreads at low prices [2]. 3. Summary by Relevant Catalogs Market Analysis - On March 30, the closing price of the main BU2606 contract of asphalt futures in the afternoon session was 4,513 yuan/ton, up 1 yuan/ton from the previous trading day's settlement price, with a gain of 0.02%. The open interest was 273,869 lots, a decrease of 6,154 lots compared with the previous day, and the trading volume was 961,444 lots, a decrease of 75,830 lots compared with the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 4,606 - 4,690 yuan/ton in Northeast China; 4,320 - 4,570 yuan/ton in Shandong; 4,530 - 4,650 yuan/ton in South China; 4,720 - 4,840 yuan/ton in East China. The spot price of asphalt in North China decreased yesterday, while those in other regions increased to varying degrees [1][2]. - The supply of asphalt spot resources in some regions is tight, the supply - side support is strong, and the international oil price is at a high level, leading to strong market sentiment for pushing up prices. Due to raw material shortages, the domestic asphalt refinery production schedule is expected to decline significantly in April, especially as major refineries prioritize the supply of gasoline and diesel, which may reduce asphalt production. If terminal consumption seasonally rebounds or remains stable, the expectation of inventory reduction is strong, and the market structure is still supported [1]. Strategy - Unilateral trading: In the short - term, there will be severe fluctuations, and it is advisable to wait and see [2]. - Inter - period trading: Pay attention to the opportunity of positive spreads at low prices [2]. - Cross - variety trading: No specific strategy provided [2]. - Spot - futures trading: No specific strategy provided [2]. - Options trading: No specific strategy provided [2]. Figures - There are multiple figures in the report, including those related to the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest China, Northwest China), the closing prices of the petroleum asphalt futures index, the main contract, and the near - month contract, the monthly spread of the near - month contract, the trading volume and open interest of the petroleum asphalt futures, the weekly domestic asphalt production, the asphalt production of independent refineries and in different regions (Shandong, East China, South China, North China), the domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and the asphalt refinery inventory and social inventory according to Longzhong's data [3].