On May 14, the settlement of 2106, the main contract of petroleum asphalt, was 3014 RMB/ton, down 136 RMB/ton or 5.9% from the previous working day. The sharp decline of international crude oil led to the weakening of market sentiment, the increase of some current resource offers, the slowing down of market enthusiasm for taking goods, and the sharp decline of asphalt futures. According to the monitoring data of the SunSirs, as of May 14, the average spot price of domestic asphalt was 3233 RMB/ton, up 4.53% month on month and 46.80% year on year. In the short term, the domestic asphalt spot market is still dominated by consolidation shocks.
In the spot market of asphalt, the start-up of domestic refineries has decreased significantly, while downstream demand has gradually recovered, and domestic petroleum asphalt inventory has declined. The domestic asphalt market mainly maintains a stable trend, and the macro aspect drives the futures price to be firm, which has a certain support for the forward contract of refineries. However, the overall demand for spot fundamentals is general, and the power of spot price rise is limited.
The overall supply of the short-term asphalt spot market has increased, but the actual demand is blocked due to the rainy weather in the south, and the overall demand recovery in the north is limited, so it is difficult to open the demand. Asphalt analysts in the SunSirs expect that the spot asphalt market will be mainly sorted out in a short period.
