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Recently, the strong upward trend of international crude oil has significantly boosted the bitumen market, but the weak bitumen fundamentals have not been significantly improved.
The demand for terminal construction has recovered slowly, while supply is expected to increase.
On the whole, the upward pressure of asphalt futures prices is under pressure.
International oil prices continue to rise
On the one hand, U.
S.
commercial crude oil inventories have fallen for three consecutive weeks and the decline has exceeded expectations.
In addition, the upward momentum of the U.
S.
Change of monthly difference to Back structure
Up to now, the average domestic asphalt price is 2,910 yuan/ton.
Asphalt's current upward movement mainly relies on a boost from the cost side, but the spot market is still weak.
The import price of bitumen is relatively stable.
The performance of asphalt basis varies.
The basis price of the main 2106 contract of asphalt futures and the spot price in East China was -4 yuan/ton, and the basis narrowed; the basis price of the spot price in Shandong was -119 yuan/ton, and the basis showed an expanding trend.
Future supply will increase
According to incomplete statistics, as of mid-April, the comprehensive operating rate (weekly) of the asphalt refinery was 46.
7%, a decrease of 1.
7 percentage points from the previous month.
In summary, the current round of bitumen rise is strongly dependent on the cost side.
As far as the fundamentals of asphalt itself are concerned, little has changed.
Transfer from: Chemical Network
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