合成橡胶：商品涨幅收窄 BR跟随天胶小幅回落

Pricing and Market Trends - As of August 13, the market price of butadiene in Shandong is 9,475 CNY/ton, an increase of 35 CNY/ton; CIF price for butadiene in China is 1,070 USD/ton [1] - The market price for styrene-butadiene rubber (BR9000) in Shandong is 11,850 CNY/ton, up by 100 CNY/ton, with a price spread of -2,750 CNY/ton [1] Production and Operating Rates - In July, China's butadiene production reached 453,600 tons, a month-on-month increase of 3%; styrene-butadiene rubber production was 129,200 tons, up by 5.5% [2] - Operating rates for butadiene industry is 69.8%, down by 0.3%; for high styrene-butadiene rubber, the rate is 68.2%, down by 5.9% [2] Inventory Levels - As of August 6, butadiene port inventory is 14,700 tons, an increase of 4,300 tons; styrene-butadiene rubber factory inventory is 24,150 tons, up by 350 tons [3] - Trader inventory for styrene-butadiene rubber is 7,290 tons, a decrease of 230 tons [3] Industry News - China National Petroleum Corporation's Jilin Petrochemical Company has commenced normal operations of a 200,000 tons/year butadiene unit; a 140,000 tons/year unit is scheduled for shutdown with restart time pending [4] - The latest butadiene inventory at East China ports is approximately 20,400 tons, an increase of 5,700 tons from the previous period [4] Market Analysis - On August 13, commodity price increases narrowed, with BR following a slight decline; the main contract for synthetic rubber BR2509 closed at 11,750 CNY/ton, down by 0.13% [5] - Supply is expected to be ample due to the restart of facilities and ongoing maintenance; however, port inventories remain low [5] - Demand for semi-steel tires is under pressure, with high inventory levels and limited upward movement in operating rates [5]