Last week, the asphalt market rose overall due to the impact of crude oil. According to monitoring data from Shengyi Society, on June 16th, the ex factory price of Jingbo Heavy Duty Asphalt # 70 in Shandong was 3710 yuan/ton, and on June 22nd, the ex factory price in Shandong was 3745 yuan/ton.

The escalation of the Iran Israel conflict has resulted in lower than expected actual crude oil production increase for OPEC+in May, and currently crude oil is in the peak consumption season. International oil prices have risen sharply, and due to cost support factors, asphalt prices have rapidly increased.
In terms of refineries, crude oil prices have risen, while asphalt prices have risen due to cost support. However, due to limited demand, the transmission of asphalt prices has decreased, and many factories have suspended quotations today.
From the perspective of Shengyi Society, the main factor driving the upward trend of asphalt prices is still the fluctuation of crude oil prices. With the support of costs, short-term asphalt prices continue to operate strongly. However, there is currently significant supply pressure, relatively weak demand, and limited acceptance of high prices, putting upward pressure on the asphalt market