According to the price monitoring of business associations, the market price of asphalt was stable this week, and the price of asphalt was reported at 3546 yuan/ton, which was equal to the price of asphalt last week.
II. Analysis of Influencing Factors
Product: The international oil price in the latter half of this week has been rising day after day, but the market demand for asphalt is stable as a whole. This week, the market price of asphalt has not followed the rise of crude oil price.
Industry Chain: The Sino-US trade war continues, and crude oil is blocked from going up in the absence of a large environment. However, Russia has declared a strict cut in production, coupled with the deterioration of the situation in the United States and Iran, the market sentiment is growing. WTI crude oil futures have risen for four consecutive days, reaching $57 per barrel. Last week, WTI and Brent crude oil futures rose by 2.18% and 0.86% respectively.
Asphalt market: This week, Northeast China has abundant foreign reserves, insufficient market demand, and refinery shipments are constrained. Liaohe Petrochemical Asphalt Price was sharply reduced by 250 yuan/ton. The terminal projects in Shandong and North China are still under construction, with little change in total demand. In East China, inventory continues to degrade better, but the number of new contracts is relatively small. At present, Shandong and Northeast markets have more low-price goods, and the asphalt market lacks effective project support. The overall performance of asphalt price is stable.
3. Future Market Forecast
Lu Xingjun, an asphalt analyst with business associations, believes that international crude oil is expected to rise, but overall, the support of asphalt prices is relatively small, and the price of value asphalt futures market is severely suppressed. It is expected that the price of asphalt will remain stable next week.
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