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SunSirs: China Asphalt Market was Warm and Volatile in August
September 05 2022 09:26:47SunSirs(Selena)

In August, China domestic asphalt market was warm and volatile. According to the monitoring data of SunSirs, the spot price of domestic asphalt at the beginning of the month was 4,373 RMB/ ton, and the domestic asphalt market price at the end of the month was 4,458 RMB/ ton, up 1.94% in the month and 31.38% year-on-year.

At the beginning of August, the domestic asphalt price showed an upward trend, driven by the continuous increase of Sinopec price. Although the crude oil is weak and volatile, the spot asphalt is relatively strong, maintaining a small upward trend. In the short term, the asphalt market may be stable but strong.

In the first ten days of August, the domestic asphalt price rose slightly, the crude oil end was weak and fluctuated in a narrow range, the asphalt fundamentals were obvious, and the market price was strong.

In the middle of August, the domestic asphalt price continued to fluctuate and rise, mainly due to the favorable support of asphalt fundamentals, and the recent centralized start of downstream demand, Sinopec continued to push up in the week, with a price increase of 100-110 RMB/ ton.

In late August, the domestic asphalt price was weak and volatile, and the market price fell slightly. The main reason is that the recent downstream demand performance is general, and traders' enthusiasm for taking goods has weakened, driving the market price down.

According to the price monitoring of SunSirs, in the list of bulk commodity prices in August 2022, there were 9 kinds of commodities in the energy sector that increased month on month, of which 5 kinds increased by more than 5%, accounting for 38.5% of the monitored commodities in this sector; The top three commodities with growth rates were diesel (12.09%), gasoline (10.91%) and DME (7.04%). There were 4 commodities with a month on month decline, and 3 commodities with a decline of more than 5%, accounting for 23.1% of the monitored commodities in this sector; The products with the top three declines were LNG (-9.63%), WTI crude oil (-7.08%) and Brent crude oil (-5.90%). The average increase/ decrease in August was 1.84%.

Domestic downstream demand was blocked, traders' shipment speed slowed down, and the overall market turnover was weak. SunSirs asphalt analysts predict that China domestic asphalt market will mainly be low in the short term.


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