Price and Market Overview - As of August 7, the market price of butadiene in Shandong is 9375 CNY/ton, with no change [1] - The CIF price of butadiene in China is 1090 USD/ton, with no change [1] - The market price of styrene-butadiene rubber (BR9000) in Shandong Qilu Petrochemical is 11550 CNY/ton, down by 50 CNY/ton [1] Production and Operating Rates - In July, China's butadiene production was 453,600 tons, up by 3% month-on-month [2] - The production of styrene-butadiene rubber was 129,200 tons, up by 5.5% month-on-month [2] - The production of semi-steel tires was 56.97 million units, down by 1.1% month-on-month but up by 7.8% year-on-year [2] - The production of all-steel tires was 12.75 million units, up by 1% month-on-month and up by 5.1% year-on-year [2] - As of August 7, the operating rate of the butadiene industry is 69.8%, down by 0.3% [2] - The operating rate of high-styrene butadiene rubber is 68.2%, down by 5.9% [2] - The operating rate of semi-steel tire manufacturers is 69.7%, down by 0.4% [2] - The operating rate of all-steel tire manufacturers is 60.1%, up by 1.3% [2] Inventory Levels - As of August 6, the port inventory of butadiene is 14,700 tons, up by 4,300 tons [3] - The factory inventory of styrene-butadiene rubber is 24,150 tons, up by 350 tons, a 1.5% increase [3] - The inventory of traders is 7,290 tons, down by 230 tons, a 3.1% decrease [3] Market Insights - As of August 7, the supply of butadiene has not increased as expected, leading to a stable price, while natural rubber prices have strengthened, boosting BR prices [5] - The main contract for synthetic rubber BR2509 closed at 11,535 CNY/ton, with a 0.22% increase compared to the previous settlement price [5] - Despite some butadiene production facilities restarting, there are also ongoing maintenance activities, leading to a slight decrease in domestic production [5] - The expected increase in butadiene imports in August may not meet expectations due to shipping schedules concentrated in the latter half of the month [5] - The supply side shows a mix of restarts and short-term shutdowns, with limited inventory reduction expected for styrene-butadiene rubber [5] - Demand for semi-steel tires remains high, with increasing pressure on both domestic and export sales, making it challenging to raise operating rates [5] - Overall, while cost support remains, the supply-demand balance for BR is expected to be loose, leading to short-term fluctuations [5]
合成橡胶：供应未如期增量 丁二烯坚挺 且天胶走强 提振BR上涨
Jin Tou Wang·2025-08-08 02:06