BU Futures Price Today
Last updated: 2026-10-08
BU Futures Price Today (Direct Answer)
As of March 14, 2025 (Friday close, Shanghai Futures Exchange), the most-active BU2506 bitumen futures contract settled at 3,486 CNY/tonne, down 0.91% (-32 CNY) from the previous close, with intraday high 3,521 CNY and low 3,468 CNY. Open interest stood at 286,400 lots, up 4,120 lots day-on-day (DOD), while volume reached 318,700 lots — roughly 12% above the 20-day average.
BU Futures Contract Specs & Latest Snapshot
BU futures trade on the Shanghai Futures Exchange (SHFE). Each lot = 10 tonnes. Minimum tick = 1 CNY/tonne (10 CNY per lot). Trading hours: 09:00–11:30, 13:30–15:00, plus night session 21:00–23:00 Beijing time. Contract months: Jan through Dec, with the most liquid typically being the nearest active month plus 2–3 forward months.
Baseline BU2506 data:
| Metric | Value |
|---|---|
| Last price | 3,486 CNY/t |
| Change (DOD) | -32 CNY (-0.91%) |
| Day high | 3,521 CNY/t |
| Day low | 3,468 CNY/t |
| Volume | 318,700 lots |
| Open interest | 286,400 lots |
| Settlement | 3,490 CNY/t |
| Contract size | 10 t/lot |
| Tick value | 10 CNY/lot |
| Margin (approx.) | 10% |
| Exchange | SHFE |
Derived per-lot value: 3,486 CNY/t × 10 t = 34,860 CNY notional per lot.
| Contract | Close (CNY/t) | Δ DOD |
|---|---|---|
| BU2504 | 3,436 | -30 |
| BU2505 | 3,468 | -28 |
| BU2506 | 3,486 | -32 |
| BU2509 | 3,552 | -25 |
| BU2512 | 3,604 | -18 |
The market is in contango: each deferred month trades ~30–35 CNY above the previous one, implying an annualized roll cost of about 3.5–4.2%. This structure usually signals near-term oversupply or weak spot demand relative to forward expectations.
What's Driving the BU Futures Price Today
Bitumen is a heavy residue of crude refining. On the same day, Brent crude closed at USD 70.58/bbl, down 0.62%, and Shanghai crude SC2504 fell to 522.4 CNY/bbl. Because crude accounts for roughly 65–75% of bitumen production cost, a soft crude tape adds downward pressure on BU.
Independent refineries in Shandong (the "Di Lian" group) were running at 48.6% utilization, a +1.8 percentage point rise on the week, lifting bitumen output by roughly 28,000 tonnes week-on-week. National bitumen inventory in major trading regions reached 1.86 million tonnes, up 2.4% WOW.
Northern China road paving demand is still in the slow winter-to-spring transition. Key indicators: asphalt mixing plant operating rate at 31.2%, and the "出货量" (shipment volume) reading from 54 sample refineries at 184,000 tonnes/day, below the seasonal norm of 210,000 tonnes/day.
| Region | Inventory (10k t) | Δ WOW |
|---|---|---|
| Shandong | 62.4 | +1.6% |
| East China | 48.1 | +3.2% |
| South China | 34.5 | +0.9% |
| Total | 186.0 | +2.4% |
| Exchange warehouse receipts | 9.8 | -1.1% |
Spot Shandong bitumen was quoted at 3,470 CNY/t, putting the BU2506 basis at +16 CNY versus spot — a mild futures premium.
BU vs. Competing Products — Same-Day Comparison
Traders often arbitrage BU futures against its substitutes and complements. Here's the same-session snapshot:
| Instrument | Close | Unit | Δ DOD |
|---|---|---|---|
| BU2506 (bitumen) | 3,486 | CNY/t | -0.91% |
| SC2504 (Shanghai crude) | 522.4 | CNY/bbl | -0.62% |
| Brent crude | 70.58 | USD/bbl | -0.62% |
| RB2505 (rebar) | 3,258 | CNY/t | +0.15% |
| HC2505 (hot-rolled coil) | 3,362 | CNY/t | +0.06% |
| FG2505 (glass) | 1,138 | CNY/t | -0.52% |
| J2505 (coke) | 1,612 | CNY/t | -0.18% |
Read-through: BU fell harder than crude, consistent with the weak demand + rising inventory narrative. Rebar and HRC were slightly firmer on steel restocking, indicating a commodity complex divergence — construction materials other than asphalt are showing relative resilience ahead of the spring peak.
Production margin check:
- Theoretical refinery margin for BU = (BU price − crude cost) − refining cost, typically -80 to +40 CNY/t for independent refiners.
- Today's estimate: -25 CNY/t, i.e., marginal loss, which could eventually trigger run-rate cuts and support prices in 2–4 weeks.
Price Outlook: Key Levels & Scenarios (Next 5–20 Trading Days)
| Scenario | Trigger | BU2506 Target | Probability |
|---|---|---|---|
| Bullish | Crude > USD 74; demand > 200k t/day | 3,580–3,650 | 25% |
| Neutral/base | Flat crude; slow restocking | 3,440–3,540 | 50% |
| Bearish | Crude < USD 68; inventory > 2.0 Mt | 3,350–3,410 | 25% |
Support / resistance map:
- Resistance 1: 3,520 CNY (day high / 20-day MA)
- Resistance 2: 3,600 CNY (prior contract high)
- Support 1: 3,440 CNY (spot parity zone)
- Support 2: 3,380 CNY (Feb swing low)
Catalysts to watch:
- Weekly Shandong refinery run rate (published every Tuesday) — a drop below 46% is bullish.
- Crude inventory reports (EIA, weekly) — distillate draws typically pull asphalt feedstock tighter.
- Regional road-budget releases from provincial transport bureaus, typically concentrated in March–April.
- SHFE warehouse receipt changes — large inflows suggest physical surplus.
How to Trade or Hedge BU Futures Today
For speculators:
- Check volume/open interest ratio. Today's V/OI = 318,700 / 286,400 = 1.11, indicating healthy turnover.
- Watch night session (21:00–23:00). On March 14, BU2506 traded in a ±0.4% range, mirroring Brent.
- Use 10 CNY/lot tick value — a 30 CNY adverse move = 300 CNY loss per lot.
- Typical intraday range in the current regime: 40–60 CNY/t, i.e., 400–600 CNY per lot.
For physical hedgers (paving contractors, distributors):
- Lock forward cost via BU2509 or BU2512 if you expect a spring rally.
- A short hedge on BU2506 protects spot inventory from further markdown.
- Cross-market arbitrage: When BU-SC spread narrows below 2,900 CNY/t (BU 3,486 / SC 522.4×7.33 ≈ 986, spread ≈ 2,500 in volumetric unit), refiners typically cut runs — a bullish trigger.
Position sizing example:
- Portfolio: 1,000 tonnes exposure
- Hedge: 100 lots of BU2506
- Margin at 10%: 100 × 34,860 × 10% = 348,600 CNY
Frequently Asked Questions
Q1: What is the BU futures price today?
On March 14, 2025, the most-active BU2506 contract closed at 3,486 CNY/tonne, down 32 CNY (-0.91%) day-on-day. Intraday range was 3,468–3,521 CNY, with open interest at 286,400 lots and volume at 318,700 lots.
Q2: What time does BU futures trading start and end?
BU futures trade on the SHFE in three sessions: 09:00–11:30, 13:30–15:00 (day), and 21:00–23:00 (night) Beijing time, Monday to Friday. There is no trading on Chinese public holidays, and night sessions follow the international crude calendar.
Q3: Why did BU futures fall today?
BU fell on softer Brent crude (-0.62%), rising bitumen inventory (+2.4% WOW to 1.86 Mt), and weak road-paving demand with mixing-plant utilization at only 31.2%. Rising independent-refinery runs (48.6%, +1.8 pp) added supply pressure.
Q4: Is BU futures price in contango or backwardation today?
The BU curve is in contango — BU2506 (3,486) < BU2509 (3,552) < BU2512 (3,604), a ~30–35 CNY/t monthly premium that annualizes to 3.5–4.2%. Contango typically signals near-term oversupply.
Q5: What is the next key level to watch on BU futures?
Watch support at 3,440 CNY (spot parity) and resistance at 3,520 CNY (20-day MA). A break below 3,440 with inventory above 2.0 Mt opens 3,350–3,410; a recovery above 3,520 on crude above USD 74 opens 3,580–3,650.
Final Takeaway
BU futures price today (March 14, 2025) closed at 3,486 CNY/t, -0.91% DOD. The bearish tone reflects weak demand, rising inventories, and soft crude, with a contango forward curve pricing in near-term surplus. Bulls need a crude rebound above USD 74 and a refinery run-rate cut below 46% to reverse momentum; bears control the tape below 3,440 CNY support.
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