1、 Price trend
According to the price monitoring of the business agency, the market price of asphalt fell this week, and the price of asphalt was reported as 2300 yuan / ton, 10.68% lower than that of last week.
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2、 Analysis of influencing factors
Product: on April 9, when the international oil price fell and the demand of asphalt market recovered slowly, the price of asphalt market fell sharply this week.
Industry chain: on April 9, the OPEC + special meeting came to an end. Its production reduction amount was lower than the market expectation. The market generally didn’t buy the result, and was boosted by the news of production reduction earlier. The market has digested the benefit ahead of time. From the perspective of demand, at present, the global epidemic is still in the stage of rapid spread. Market experts generally believe that it may last for a long time in the later period. Some institutions predict that the decline of crude oil demand in April will exceed 20 million barrels / day, or even 30 million barrels. As of 15:00 on the 10th, WTI crude oil price was at $23.5/barrel, and WTI crude oil futures fell 10.11% this week.
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In terms of asphalt Market: Sinopec and PetroChina’s main refineries suppressed the price of asphalt this week. At the beginning of this week, the crude oil market was favorable and boosted the overall turnover of asphalt market. However, in Northeast China, Liaohe Petrochemical’s Asphalt price was reduced by 200 yuan / ton, and in Northwest China, Karamay’s price was reduced by 300 yuan / ton. The regional market price is still dominated by supply. In the case of slow demand recovery, asphalt price It is more difficult to push the price up. On April 9, the international oil price fell sharply, and the sentiment of asphalt market fell into wait-and-see again.
3、 Future forecast
Lu Xingjun, an asphalt analyst with business club, believes that the output reduction of OPEC + meeting is not as strong as expected, and the demand for crude oil is expected to fall sharply, the crude oil market has no power to act, and the asphalt market has no demand support, and the price of asphalt market is expected to be stable in the near future.
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