International crude oil declined slightly due to the impact of demand, but the main refineries such as Sinopec increased the ex factory price of asphalt, which led to the rise of mainstream asphalt price in some areas. In addition, the weather is suitable for road construction in recent years, and the domestic asphalt market demand is supported, and the domestic asphalt price rises slightly. According to the price monitoring data of SunSirs, the asphalt price was reported at 2,330 RMB/ ton on October 23, 2.76% higher than that at the beginning of the week.
As of October 16, Cushing's crude oil inventory increased by 975,000 barrels in the week; the implementation rate of OPEC member states' production reduction in September was as high as 102%, but the oil market was dragged down by the second epidemic in Europe, and crude oil demand continued to decline; the international crude oil price fell last week, WTI crude oil price fell 3.09%, Brent crude oil price fell 2.00%.
Sinopec and other major refineries raised the ex-factory price of asphalt, which led to the rise of mainstream asphalt prices in some areas. Moreover, the asphalt market demand is stable in recent days, and the weather in most areas of China is sunny, which is suitable for project construction. On the whole, domestic demand is supported, and large factories push up the ex-factory price of asphalt, which drives up the domestic asphalt price.
SunSirs analysts believe that in the short term, international crude oil prices will continue to be under pressure; however, road construction has entered the rush period, and the asphalt market demand is supported, and it is expected that China domestic asphalt prices will have a small upward trend in the short term.
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