Crude oil price rises sharply, China’s domestic asphalt price rises steadily

The international crude oil rose sharply, the demand for asphalt for terminal road works remained low, and the domestic asphalt market was stable as a whole, which was less affected by the crude oil price. According to the price monitoring data of the business association, the asphalt price on January 8 was 2480 yuan / ton, up 0.71% from the beginning of the week.

 

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This week, the international crude oil market was frequently bullish. The OPEC agreement was reached and Saudi Arabia reduced production by an additional 1 million barrels per day. Data showed that the U.S. crude oil inventory fell. This week, the price of WTI crude oil exceeded the $50 / barrel mark, with a weekly increase of 7.67%, and the price of Brent crude oil increased by 8.09%.

 

International oil prices rose sharply, but domestic asphalt market demand remained low. The demand for asphalt in East China, South China and southwest China has not changed much, and basically remains stable; the road demand in Northeast and Northwest China has basically ended, and some refineries are ready to produce coking; the terminal projects in South China are still in a rush state, which has a certain support for the rigid demand for asphalt; the operating rate of asphalt plant has decreased slightly this week, and the reduction is mainly concentrated in Shandong, North China and Northeast China. Production reduction areas are mainly lack of asphalt demand areas. The market supply of finishing asphalt is sufficient, which has a certain suppressive effect on asphalt price.

 

Analysts from business news agency believe that with the advance of vaccination and the favorable support of production reduction in OPEC countries such as Saudi Arabia, oil prices are expected to rise further. However, the lack of effective demand support in the asphalt market can not boost the market price. It is expected that the domestic asphalt price will stabilize or fall.

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