永安合成橡胶早报-20250912

Group 1: Report Information - Report Name: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 12, 2025 [2] Group 2: BR (Butadiene Rubber) Market Data Futures Market - On September 11, the closing price of the main contract was 11,652, down 65 from the previous day and 155 from the previous week; the open interest was 22,243, down 1,100 from the previous day and 4,371 from the previous week; the trading volume was 62,200, down 2,019 from the previous day and 68,304 from the previous week [3] - The warrant quantity was 13,670, unchanged from the previous day and up 1,130 from the previous week; the long - short ratio was 8.14, unchanged from the previous day and down 2 from the previous week [3] Basis and Spread - The basis of butadiene rubber was 15 from the previous day and 5 from the previous week; the basis of butadiene rubber (two major oil companies) was 245, up 65 from the previous day and down 45 from the previous week [3] - The 8 - 9 month spread was 0 from the previous day and down 240 from the previous week; the 9 - 10 month spread was 65 from the previous day and up 175 from the previous week [3] Price and Profit - The Shandong market price was 11,750, down 50 from the previous day and 150 from the previous week; the Transfar market price was 11,550, down 150 from the previous day and 200 from the previous week [3] - The Qilu ex - factory price was 11,900, unchanged from the previous day and down 200 from the previous week; CFR Northeast Asia was 1,515, unchanged from the previous day and up 15 from the previous week; CFR Southeast Asia was 1,700, unchanged from the previous day and the previous week [3] - The spot processing profit was - 115, up 27 from the previous day and down 48 from the previous week; the on - screen processing profit was - 210, up 12 from the previous day and down 53 from the previous week [3] - The import profit was - 84,515, down 46 from the previous day and up 1,591 from the previous week; the export profit was - 82, up 43 from the previous day and 224 from the previous week [3] Group 3: BD (Butadiene) Market Data Price - The Shandong market price was 9,475, down 75 from the previous day and 100 from the previous week; the Jiangsu market price was 9,275, down 75 from the previous day and 75 from the previous week [3] - The Yangzi ex - factory price was 9,250, down 100 from the previous day and 250 from the previous week; CFR China was 1,095, unchanged from the previous day and the previous week [3] Processing and Profit - The carbon four extraction profit data was not available; the butene oxidative dehydrogenation profit was 111, down 75 from the previous day and 75 from the previous week [3] - The import profit was 314, down 75 from the previous day and 63 from the previous week; the export profit was - 920, up 65 from the previous day and 234 from the previous week [3] Group 4: Downstream Product Profit Data - The butadiene rubber production profit was - 210, up 12 from the previous day and down 53 from the previous week; the styrene - butadiene rubber production profit was 1,038, unchanged from the previous day and down 88 from the previous week [3] - The ABS production profit was - 94, unchanged from the previous day and down 82 from the previous week; the SBS (791 - H) production profit was 755, down 300 from the previous day and 195 from the previous week [3] Group 5: Spread Data Inter - variety Spread - The RU - BR spread was - 6,338, up 1,025 from the previous day and 4,316 from the previous week; the NR - BR spread was - 9,623, up 1,005 from the previous day and 4,256 from the previous week [3] - The Thai mixed - butadiene rubber spread was 3,250, up 50 from the previous day and 170 from the previous week; the 3L - styrene - butadiene rubber spread was 3,000, unchanged from the previous day and up 200 from the previous week [3] Intra - variety Spread - The butadiene rubber standard - non - standard price spread was 250, up 30 from the previous day and down 50 from the previous week; the styrene - butadiene rubber 1502 - 1712 spread was 1,000, up 50 from the previous day and unchanged from the previous week [3]