Bituminous market prices remained stable this week (August 18-August 24)

Price Trend

 

According to the price monitoring of business associations, the price of asphalt market has been stable this week. The price of asphalt has been reported at 3588 yuan/ton, which is equal to the price of asphalt last week. However, the price of domestic asphalt market has experienced a process of first rising and then falling.

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II. Analysis of Influencing Factors

Product: This week Sinopec settled the price of asphalt, but affected by the market demand of Typhoon transit compressed asphalt and the start of shipment of asphalt social warehouse, this week the price of asphalt remained stable as a whole.

Industry Chain: API report earlier this week showed that crude oil stocks in the U.S. decreased by 3.454 million barrels last week and active drilling in July decreased by 17. The report data showed that crude oil was on the rise, but UBS lowered oil price expectations for six months and 12 months later, OPEC also lowered global crude oil demand growth expectations by 40,000 barrels per day to 1.1 million in 2019. Barrel/day, while worries about the global recession continue to rise. International crude oil prices rose first and then fell this week, while WTI and Brent crude oil prices rose slightly by 1.62% and 2.90% this week.

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Asphalt market: Northeast asphalt market terminal demand has been sluggish. After typhoon transit, the demand for asphalt in Shandong, East China and North China is stable. In South and Southwest China, the demand performance is relatively flat and there is no obvious bright spot. With the rising international oil price and the news of Mali crude oil supply cut off, the domestic asphalt futures price dropped to 3250 yuan/ton, and then fell again. Overall, the price of domestic asphalt market has been running steadily.

3. Future Market Forecast

Lu Xingjun, asphalt analyst of business association, believes that the international crude oil shock is more likely to rise, the short-term impact of the news of supply disruption in Mali is limited, the overall support of asphalt prices is relatively small, and the probability of weak market stability of asphalt prices next week is greater.

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