According to the Commodity Market Analysis System of the Business Society, the asphalt market has experienced a narrow downward trend. From November 1st to 8th, the price of asphalt in Shandong fell from 3806 yuan/ton to 3759 yuan/ton, a decrease of 1.23%, a decrease of 2.42% month on month, and a year-on-year decrease of 11.80%. The asphalt market is slightly flat, with some resource quotations stabilizing and declining, and due to factors such as environmental protection, inspection, and inspection, market demand is relatively average. Some contracts have high enthusiasm for shipment, and enterprise quotations are mostly at a low level.
On the supply side, the main production enterprises have suspended production of asphalt, intermittently suspended production, and driven a decrease in production in the area. The comprehensive operating rate of the asphalt industry has decreased compared to the previous month, with a positive impact on the supply side.
On the cost side, oil prices have fallen to their lowest point in the past three months. The main reason is that the hawkish stance of the Federal Reserve has sparked demand concerns and eased supply tension. As of the close on November 7th, the settlement price of Brent crude oil futures’ main contract was 81.61 yuan/barrel, a decrease of 3.57 US dollars or 4.2%.
On the demand side, the asphalt market mainly focuses on low-end transactions and prioritizes the use of social resources. The demand side of the asphalt market is influenced by bearish factors.
As of the close on November 8th, the petroleum asphalt futures market has declined. The main asphalt contract 2401 opened at 3684 yuan/ton, with a maximum price of 3694 yuan/ton and a minimum price of 3590 yuan/ton. It closed at 3607 yuan/ton in the end, a decrease of 102 yuan/ton compared to the previous trading day, a decrease of 2.75%. The trading volume is 275811 lots, the holding volume is 251452 lots, and the daily increase is -2258.
In the future market forecast, international crude oil is expected to fluctuate and consolidate, with weakened cost support. The market for just demand is slightly flat, and the overall situation is lukewarm, with low end transactions mainly focused on just demand. Business Society asphalt analysts predict that the domestic asphalt market will operate in a weak manner in the short term.
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