Asphalt Price in China Rises 31.8% to USD 932.74/tonne
Chinese asphalt has risen to USD 932.74/tonne as refinery output cuts push producer inventories to a five-year low.
Asphalt prices in China stood at USD 932.74/tonne on 2026-09-29, up 0.8% from USD 925.36/tonne a week earlier and up 31.8% from USD 707.87/tonne on 2026-08-28. Over the quarter the price has risen 45.9% from USD 639.49/tonne on 2026-07-01, and over the year it has risen 84.8% from USD 504.60/tonne. The 52-week high of USD 940.95/tonne was set on 2026-09-21, with the 52-week low of USD 416.18/tonne recorded on 2025-12-09.
Supply conditions have tightened through the period. Claight market monitoring shows that refinery operating rates remained at low levels of 21.7% to 23.5% throughout August, significantly reducing domestic asphalt supply. Longzhong Information reported that as of September 17, domestic asphalt manufacturer inventories fell 9.6% month-on-month to 451,000 tons, the lowest level in five years.
Further reductions have followed. Baichuan Yingfu reported that bituminous crude device utilization dropped to 26.17% by September 23, with refinery and social inventories continuing to decline. In yuan terms, Jin10 Futures reported that China's asphalt prices averaged 5,938.57 yuan per metric ton on September 18, rising 10.68% week-on-week due to crude oil costs and supply tightness.
October production plans point to continued constraint. According to 10jqka, October asphalt production is planned at 1.58 million tons, a 40.45% decrease compared to actual production in the same period last year.