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From a mid-line perspective, with the arrival of the peak consumption season, the supporting role of the superimposed cost side continues to increase, and the price of asphalt is expected to continue to rise in the market outlook
.
Recently, the price of asphalt has shown a high oscillating trend.
On the one hand, the increase in the price of crude oil on the cost side and the implementation of the consumption tax on diluted asphalt support the price of asphalt.
Crude oil at the raw material end has an obvious boost
The OPEC+ meeting at the beginning of June was still optimistic about global crude oil demand.
The meeting announced that OPEC+ will maintain its July production increase plan and continue to advance its plan to increase production by 841,000 barrels per day.
The Minister of Saudi Arabia said that “the demand is clearly showing signs of improvement”, which shows OPEC+ It is believed that increasing production can still maintain the current balance of the crude oil market
The recent Iranian issue, which has attracted much attention from the market, may have a controllable impact on the global oil market
.
Iran’s nuclear negotiations began in April this year and have now entered the fifth round
Consumption tax policy on diluted asphalt is implemented
In mid-May, the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation issued an announcement that starting from June 12, 2021, the import link consumption tax will be levied at a unit tax of 1.
2 yuan/liter on diluted asphalt
Before the implementation of the policy, domestic imports of diluted bitumen were only required to pay 13% value-added tax and no import quotas were required.
However, after the implementation of the consumption tax policy, refineries imported diluted bitumen to produce bitumen may cause the bitumen cost to rise by 200 yuan/ton.
Asphalt consumption peak season is coming
In 2020, against the backdrop of a sharp drop in crude oil prices, bitumen profits have risen sharply.
In this context, refineries have increased their production, but the demand has been significantly lower than the increase in supply, leading to a high level of bitumen inventory
