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 closed at 3380 yuan / ton, 1.17% lower than that of last week.
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2、 Analysis of influencing factors
Product: OPEC + production reduction meeting encountered black swan, the international oil price plummeted, and the current asphalt market is in the off-season stage, the asphalt market price fell this week.
Industry chain: Saudi Arabia and Russia held a joint production reduction meeting to encounter the black swan incident. Saudi Arabia announced on April 7 that it would sharply reduce the official oil price and increase production. Russia and other countries followed up. The crude oil supply is expected to increase significantly, and the international crude oil market plunged more than 40%.
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In terms of asphalt Market: the price of crude oil market has dived and the production cost of asphalt has been lowered, and the spot price in Shandong Province has been reduced rapidly; the price of asphalt in East China and South China has also been reduced by 250 yuan / ton; in Southwest China, CNOOC Sichuan has lowered the price of asphalt three times this week, driving the market turnover down; in Northeast China, there are also low-cost sources of goods hitting the market. This week’s asphalt market is in the atmosphere of falling prices, with obvious market wait-and-see mood and poor purchasing enthusiasm, but the overall price drop is limited.
3、 Future forecast
Lu Xingjun, an asphalt analyst with business club, 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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