SunSirs: Energy, Asphalt Market Price Fell Last Week (March 9-13)
March 17 2020 09:33:28 SunSirs (Selena)
Price Trend
According to the price monitoring of SunSirs, the market price of asphalt fell last week, and the price of asphalt was reported as 3,380 RMB/ ton, 1.17% lower than that of the previous week.
Analysis of Influencing Factors
Product: OPEC+ production reduction meeting encountered black swan, the international oil price plummeted, and the current asphalt market was in the off-season stage, the asphalt market price fell last week.
Industry chain: Saudi Arabia and Russia held a joint production reduction meeting to encounter the black swan incident. Saudi Arabia announced on March 7 that it would sharply reduce the official oil price and increase production since April. Russia and other countries had followed up. Crude oil supply was expected to increase significantly, and the international crude oil market had plunged more than 40%.
Asphalt market: the price of crude oil market plunged to lower the asphalt production cost, and the spot price in Shandong Province droped rapidly; the price of asphalt in East China and South China also droped by 250 RMB/ ton; the price of asphalt in Southwest China and Sichuan Zhonghai asphalt dropped three times last week, driving the market turnover down; there were also low-cost goods sources in Northeast China hitting the market. Last week, the asphalt market was in the atmosphere of falling prices, with obvious market wait-and-see mood and poor purchasing enthusiasm, but the overall price decline was limited.
Market Forecast
The asphalt analyst at SunSirs believes that: the international crude oil market price is running at a low level, and there is still a large space for asphalt price to be lowered. It is expected that the asphalt market price will continue to bear downward pressure in the near future.
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