建信期货沥青日报-20260401

1. Report Information - Report Name: Asphalt Daily Report [1] - Date: April 1, 2026 [2] - Research Team: Energy and Chemical Research Team [4] 2. Investment Rating - Not provided in the report 3. Core View - The asphalt market has a certain expectation of inventory reduction and is expected to be relatively strong, but due to large oil price fluctuations, short - term long positions are recommended [6] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Market Review: For BU2606, the opening price was 4499 yuan/ton, the closing price was 4512 yuan/ton, the highest was 4630 yuan/ton, the lowest was 4440 yuan/ton, the decline was 1.53%, and the trading volume was 1.0448 million lots. For BU2609, the opening price was 4270 yuan/ton, the closing price was 4279 yuan/ton, the highest was 4400 yuan/ton, the lowest was 4228 yuan/ton, the decline was 1.25%, and the trading volume was 67,400 lots [6] - Supply and Demand Situation: On the supply side, the continuous tightening of raw materials and the sharp rise in oil prices have led to the domestic refinery asphalt operating rate hitting a new low for the same period. On the demand side, with the gradual warming of the weather, road construction has begun to improve marginally, and the waterproofing demand is relatively stable [6] - Operation Suggestions: Short - term long positions are recommended [6] 4.2 Industry News - Not provided in the report 4.3 Data Overview - Shandong Market: The mainstream intended price of 70A grade asphalt was 4320 - 4570 yuan/ton, remaining stable compared to the previous working day. Although the intraday correction of international oil prices and asphalt futures had a certain negative impact on market sentiment, the supply of spot resources remained tight, and refineries and traders were reluctant to lower prices [9] - South China Market: The mainstream intended price of 70A grade asphalt was 4530 - 4750 yuan/ton, an increase of 50 yuan/ton compared to the previous working day. The supply of resources in the South China market remained tight. Although asphalt resources could still be replenished in Foshan, the replenishable resources in Maoming and Qinzhou were very limited, and the quotes of traders and inventories were relatively high, driving up the market price [9]