永安合成橡胶早报-20250409

Report Overview - Report Title: Yong'an Synthetic Rubber Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Report Date: April 9, 2025 1. BR2505 Contract Information - Price and Volume Changes: The closing price of BR2505 on April 8 was 11,925, a daily decrease of 630 and a weekly decrease of 1,675. The trading volume on April 8 was 152,229, a daily increase of 148,121. The open interest decreased by 2,702 on the day and 3,600 for the week, reaching 23,877 [3]. - Warehouse Receipts and Ratio: The number of warehouse receipts remained unchanged at 16,740 on April 8, with a weekly decrease of 70. The virtual - to - real ratio dropped to 7.13, a daily and weekly decrease of 1 [3]. - Basis and Spread: The basis (cis - BR) was - 135 on April 8, a daily decrease of 230 and a weekly decrease of 135. The basis (SBR - BR) was 265, a daily decrease of 280 and a weekly decrease of 35. The month - spread (03 - 04) was 130, a daily increase of 82 and a weekly increase of 105, while the month - spread (04 - 05) was - 45, a daily increase of 115 [3]. 2. Market Prices and Margins 2.1 BR Market - Domestic Market Prices: In Shandong, the market price was 13,650 on April 8, a daily increase of 750 and a weekly decrease of 50. In Zhejiang Chuanhua, it was 13,500, a daily increase of 850 and a weekly decrease of 100. The ex - factory price of Qilu was 13,700, a daily increase of 700 and a weekly decrease of 100 [3]. - International Market Prices: CFR Northeast Asia was 1,750, a daily increase of 50 and no change for the week. CFR Southeast Asia was 2,000, a daily increase of 40 and no change for the week. FOB China remained at 1,750 [3]. - Processing and Trade Margins: The spot processing margin was 179, a daily increase of 342 and a weekly increase of 154. The futures processing margin was 164, a daily increase of 672 and a weekly increase of 239. The import margin was - 1,214, a daily increase of 446 and a weekly decrease of 8. The export margin was 1,981, a daily decrease of 464 and a weekly increase of 8 [3]. 2.2 BD Market - Domestic Market Prices: In Shandong, the market price was 11,050 on April 8, a daily increase of 400 and a weekly decrease of 200. In Jiangsu, it was 11,000, a daily increase of 300 and a weekly decrease of 100. The ex - factory price of Yangzi was 11,100, a daily decrease of 100 and a weekly decrease of 100 [3]. - International Market Price: CFR China was 11,082, a daily decrease of 21 [3]. - Processing and Trade Margins: The carbon - four extraction margin was 3,459, a daily decrease of 255 and a weekly increase of 56. The butylene oxidative dehydrogenation margin was 816, a daily increase of 330 and no change for the week. The import margin was - 139, a daily increase of 381. The export margin was - 576, a daily decrease of 329 [3]. 3. Downstream Production Margins - Synthetic Rubber Production Margins: The cis - butadiene rubber production margin was 179, a daily increase of 342 and a weekly increase of 154. The styrene - butadiene rubber production margin was 1,075, a daily increase of 863 and a weekly increase of 88 [3]. - Downstream Product Production Margins: The ABS production margin was 418, with incomplete weekly data. The SBS (791 - H) production margin was 330, a daily increase of 15 [3]. 4. Price Spreads 4.1 Inter - Product Spreads - The RU - BR spread was 3,340, a daily increase of 315 and a weekly increase of 355. The NR - BR spread was 1,085, a daily increase of 275. The Thai mixed - cis - butadiene spread was 3,000, a daily increase of 1,100 and a weekly increase of 250. The 3L - styrene - butadiene spread was 3,450, a daily decrease of 250 and a weekly increase of 100 [3]. 4.2 Intra - Product Spreads - The cis - butadiene standard - non - standard price spread was 250, with no daily change and a weekly decrease of 100. The styrene - butadiene 1502 - 1712 spread was 1,700, a daily increase of 200 and a weekly decrease of 50 [3].