合成橡胶早报-20250722

Report Information - Report Title: Yongan Synthetic Rubber Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Report Date: July 22, 2025 - Data Sources: Mysteel, Wind [7][17] Report Industry Investment Rating - Not provided in the report. Core Viewpoints - Not provided in the report. Summary by Relevant Catalogs BR (Butadiene Rubber) Futures Market - The closing price of the main contract on July 21 was 11,995, up 275 from the previous day and 370 from June 19 [3][13]. - The open interest of the main contract was 14,993, down 2,221 from the previous day and 9,436 from June 19 [3][13]. - The trading volume of the main contract was 87,016, down 3,349 from the previous day but up 12,030 from June 19 [3][13]. - The warrant quantity remained at 9,700, with no change from the previous day but an increase of 500 from June 19 [3][13]. - The virtual - real ratio was 7.73, down 1 from the previous day and 6 from June 19 [3][13]. Basis and Month - to - Month Spread - The butadiene basis was - 145, down 125 from the previous day and 170 from June 19 [3][13]. - The butadiene basis (two - oil) decreased, with a decrease of 70 compared to previous data [3][13]. - The styrene - butadiene basis was 305, down 75 from the previous day and 120 from June 19 [3][13]. - The 8 - 9 month spread was 0, with a daily change of 0 and an increase of 5 compared to previous data [3][13]. - The 9 - 10 month spread was 25, down 5 from the previous day and unchanged from June 19 [3][13]. Spot Market - The Shandong market price was 11,850, up 150 from the previous day and 200 from June 19 [3][13]. - The Chuanhua market price was 11,800, up 200 from the previous day and 250 from June 19 [3][13]. - The Qilu ex - factory price was 12,000, up 300 from the previous day and 300 from June 19 [3][13]. - CFR Northeast Asia remained at 1,425, with no change [3][13]. - CFR Southeast Asia was 1,730, with no change from the previous day but a decrease of 20 from June 19 [3][13]. Processing and Import - Export - The spot processing profit was - 372, down 233 from the previous day and 269 from June 19 [3][13]. - The futures processing profit was - 227, down 108 from the previous day and 99 from June 19 [3][13]. - The import profit was - 85,993, down 2,208 from the previous day and 2,358 from June 19 [3][13]. - The export profit was - 733, down 138 from the previous day and 161 from June 19 [3][13]. BD (Butadiene) Price - The Shandong market price was 9,825, up 375 from the previous day and 460 from June 19 [3][13]. - The Jiangsu market price was 9,600, up 150 from the previous day and 300 from June 19 [3][13]. - The Yangzi ex - factory price was 9,600, up 200 from the previous day and 300 from June 19 [3][13]. - CFR China was 1,050, with no change from the previous day but a decrease of 20 from June 19 [3][13]. Processing and Import - Export - The carbon - four extraction profit data after July 18 was not available [3][13]. - The butene oxidative dehydrogenation profit was 646, up 150 from the previous day and 510 from June 19 [3][13]. - The import profit was 933, up 157 from the previous day and 451 from June 19 [3][13]. - The export profit was - 1,468, down 136 from the previous day and 395 from June 19 [3][13]. Downstream Profit - The butadiene rubber production profit was - 227, down 108 from the previous day and 99 from June 19 [3][13]. - The styrene - butadiene rubber production profit was 575, down 50 from the previous day and 100 from June 19 [3][13]. - The ABS production profit data after July 17 was not available [3][13]. - The SBS 791 - H production profit was 530, down 140 from the previous day and 180 from June 19 [3][13]. Spread Inter - Variety Spread - The difference between Thai mixed rubber and butadiene rubber was 2,720, down 80 from the previous day but up 220 from June 19 [3][13]. - The difference between 3L rubber and styrene - butadiene rubber was 2,500, down 150 from the previous day and unchanged from June 19 [3][13]. - The difference between RU - BR was - 98, up 2,306 from the previous day and 9,971 from June 19 [3][13]. - The difference between NR - BR was - 2,243, up 2,296 from the previous day and 9,861 from June 19 [3][13]. Intra - Variety Spread - The difference between standard and non - standard butadiene rubber was 100, down 100 from the previous day and 100 from June 19 [3][13]. - The difference between styrene - butadiene 1502 and 1712 was 1,100, down 100 from the previous day and 50 from June 19 [3][13].