SunSirs: International Crude Oil is Weak, China Asphalt Market is Bearish
August 24 2021 15:54:02 SunSirs (Selena)
International crude oil is weak and downward, with limited cost side support for the asphalt market, heavy market bearish sentiment and low enthusiasm for some goods. Moreover, during this cycle, the supply of some maintenance devices was restored, the market supply increased, and the contradiction between supply and demand was relatively prominent. According to the monitoring data of business agency, from August 13 to August 23, the average spot price of domestic asphalt fell from 3,413 RMB/ ton to 3,386 RMB/ ton. During the cycle, the price fell by 0.78%, the price rose by 1.20% month on month and 34.13% year-on-year.
On the supply side, some refineries in the main production areas of Shandong have resumed normal production, with a slight increase in construction. Recently, qilingnan plans to resume asphalt production, and enterprises in Shandong are expected to start or continue to increase; From the demand side, the downstream terminal demand is tepid, the inventory pressure of some main refineries is obvious, and the contradiction between supply and demand still exists.
With the improvement of rainfall and epidemic situation, it is expected that the demand of asphalt in some areas is expected to pick up slightly, but the overall recovery is limited. SunSirs asphalt analysts expect that China domestic asphalt spot market will still be mainly sorted out in the near future.
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