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Asphalt social inventory has declined for twelve consecutive weeks, boosted by downstream stocking demand.

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Domestic asphalt social storage inventory at 104 social warehouses totaled 1.1 million tons, down 3.1% from June 25, with a sharp year-on-year decline of 39.4%, achieving destocking for twelve consecutive weeks; domestic 54 asphalt sample factory storage inventory totaled 787k tons, down 2.5% from June 25, stable year-on-year, among which factory storage in Shandong and East China regions showed the most significant reduction. Social storage in various regions of the country generally destocked, with Shandong and East China leading the destocking magnitude. Last week, the driver for the continued destocking of both factory and social storage was that, under the background of tight supply, end-user demand continued to consume, and downstream enterprises' stockpiling demand increased. Regarding social storage, the weather in the eastern coastal areas was favorable, road construction projects in the regions maintained normal pace, and downstream traders restocked and hoarded resources, driving social storage to decline continuously. Regarding factory storage, limited production schedules at the beginning of the month kept refineries running at low loads, and at the end of the month, major refineries concentrated on executing previously locked price contracts. Smooth shipment caused quick outflow of resources to be dispatched from the factories, especially prominent in Shandong and East China, leading to inventory destocking. Overall, the combination of twelve consecutive weeks of destocking in asphalt social storage and destocking at the end of the month in factory storage confirms the tight resource circulation and stable release of end-user demand. The pattern of low supply and low inventory continues to provide bottom support for the asphalt spot and futures markets. (Longzhong Information)
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