Since May, the international oil price has been on the rise. Last week, the WTI crude oil price reached a two-month high of $33-34.5/ barrel, which supported refineries to push up the factory price driven by the buying sentiment. According to the price monitoring data of SunSirs, the price of Asphalt last week was 2,250 RMB/ ton, 2.16% higher than that of the previous week.

In the middle of last week, Sinopec's settlement price of asphalt in East China and South China was increased by 100 RMB/ ton, and the main price of asphalt was increased by 50-100 RMB/ ton. Due to the influence of Sinopec's price adjustment, the asphalt price also increased slightly. The demand for asphalt in South China was good, the inventory level of refineries was low, some refineries reached the balance of production and sales, the overall demand was fair, and the main transaction price increased by 150 RMB/ ton.

The increase of asphalt supply restricts the increase of asphalt. The data shows that the domestic asphalt production in April was 2,513,200 tons, an increase of 5% year on year, and the import volume from January to March 2020 was 1,093,200 tons, an increase of 24.44% year on year. At present, asphalt is at a low level, and it is close to the peak season of asphalt demand, attracting merchants from the middle and lower reaches to take the goods. Under the strong demand, increasing supply has restrained the space for asphalt to rise. It is expected that the asphalt price will rise steadily in the near future.

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