Report Title - The report is titled "Asphalt: Continued Volatility" and was released on June 5, 2025 [1] Investment Rating - There is no information about the report's industry investment rating provided in the given content Core View - The core view is that the asphalt market will continue to experience volatility [1] Summary by Directory Fundamental Tracking - **Futures Data**: BU2507 closed at 3,506 yuan/ton yesterday with a 0.69% increase, and 3,504 yuan/ton last night with a -0.06% change; BU2508 closed at 3,492 yuan/ton yesterday with a 0.55% increase, and 3,490 yuan/ton last night with a -0.06% change. Trading volume and open interest of BU2507 decreased, while the open interest of BU2508 increased slightly [2] - **Spot Market**: The wholesale price in Shandong increased by 45 yuan/ton to 3,670 yuan/ton, and in the Yangtze River Delta by 20 yuan/ton to 3,600 yuan/ton. The refinery operating rate decreased by 1.28% to 32.57%, and the refinery inventory rate increased by 0.16% to 30.76% [2] - **Spread Data**: The basis (Shandong - 07) was 164 yuan/ton, the 07 - 08 inter - period spread was 14 yuan/ton, the Shandong - South China spread was 265, and the East China - South China spread was 195 yuan/ton, with corresponding changes compared to the previous day [2] Trend Intensity - The asphalt trend intensity is 0, indicating a neutral outlook. The trend intensity ranges from -2 (most bearish) to 2 (most bullish) [9] Market Information - As of June 3, 2025, the total inventory of 54 domestic asphalt sample refinery warehouses was 84.6 tons, a 2.6% decrease from May 29. The refinery warehouses in the Northeast had the largest de - stocking amplitude. The total inventory of 104 domestic asphalt social warehouses was 187.3 tons, a 0.1% decrease from May 29, with obvious de - stocking in the Northwest [14]

2025年06月05日 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：板块预期反复，宽幅震荡 | 2 | | --- | --- | | 螺纹钢：市场情绪提振，宽幅震荡 | 3 | | 热轧卷板：市场情绪提振，宽幅震荡 | 3 | | 硅铁：黑色板块共振，宽幅震荡 | 5 | | 锰硅：黑色板块共振，宽幅震荡 | 5 | | 焦炭：三轮提降开启，盘面震荡偏强 | 7 | | 焦煤：消息扰动，盘面震荡偏强 | 7 | | 动力煤：底部阶段企稳运行 | 9 | | 原木：弱势震荡 | 10 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2025 年 6 月 5 日 铁矿石：板块预期反复，宽幅震荡 张广硕 投资咨询从业资格号：Z0020198 zhangguangshuo@gtht.com 【基本面跟踪】 铁矿石基本面数据 | | | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 1. 29% | | --- | --- | --- | --- | --- | --- | | 期货 | 12509 | | 704. ...

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