In November, the domestic asphalt market declined significantly, mainly due to the demand side. The weather gradually turned cold, limited commencement in some areas, and weak demand for asphalt. According to the monitoring data of the business community, the spot price of domestic asphalt at the beginning of the month was 4400 yuan/ton, and the domestic asphalt market price at the end of the month was 3655 yuan/ton. The price fell by 16.94% in the month, up 14.68% year on year.

At the beginning of the month, the spot market price of asphalt fell, and the price in South China fell significantly. The price reduction and batch discount of major refineries drove the market price down. At the same time, the demand is weak, transportation is limited in some regions, and the spot asphalt market has declined significantly.

In the first ten days of this month, the spot market price of asphalt continued to decline, mainly because of the end of demand, the refinery reduced the price for shipment, and the downstream factories mainly purchased on demand. The actual delivery atmosphere was not good.

In the last ten days of this month, the domestic asphalt market price continued to fall. In some regions, Sinopec lowered the price and had preferential policies for batch production. The price competition among brands intensified, and the market price fell significantly. The downstream terminal is dominated by just demand, coupled with rapid price decline, poor purchasing enthusiasm and weak overall trading and investment atmosphere.

At the end of the month, the mainstream quotation continued to decline, and the overall bearish atmosphere was heavy. The downstream is just about to end, traders are not enthusiastic about warehousing, and the wait-and-see atmosphere is strong.

At present, the supply is sufficient and the demand is weak. Business agency asphalt analysts expect that the domestic asphalt market may continue to fall in the short term.