合成橡胶产业日报-20250916

Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - This week, the reduction in supply is gradually reflected. After the supply prices of butadiene rubber and butadiene are lowered, the spot quotations gradually decline, which may drive some downstream enterprises to gradually stock up, and the inventories of production enterprises and trade may decrease slightly. In terms of demand, the capacity utilization rate of domestic tire enterprises increased significantly last week, and most enterprises are expected to maintain the current production schedule this week, with the overall capacity utilization rate fluctuating slightly. The short - term price of the br2511 contract is expected to fluctuate between 11,500 - 12,000 [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 11,675 yuan/ton, a decrease of 30 yuan; the position of the main contract is 64,216, an increase of 45,431; the 10 - 11 spread of synthetic rubber is 35 yuan/ton, a decrease of 5 yuan; the total number of warehouse receipts for butadiene rubber in warehouses is 2,970 tons, unchanged [2] 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 11,700 yuan/ton, a decrease of 50 yuan; the mainstream price of BR9000 cis - butadiene rubber from Daqing Petrochemical in Shandong is 11,700 yuan/ton, unchanged; the mainstream price of BR9000 cis - butadiene rubber from Daqing Petrochemical in Shanghai is 11,700 yuan/ton, unchanged; the mainstream price of BR9000 cis - butadiene rubber from Maoming Petrochemical in Guangdong is 11,700 yuan/ton, unchanged. The basis of synthetic rubber is 25 yuan/ton, an increase of 30 yuan [2] 3.3 Upstream Situation - Brent crude oil is 67.44 US dollars/barrel, an increase of 0.45 US dollars; WTI crude oil is 63.3 US dollars/barrel. Naphtha CFR Japan is 608.5 US dollars/ton, an increase of 10 US dollars; Northeast Asian ethylene price is 850 US dollars/ton, unchanged; the intermediate price of butadiene CFR China is 1,090 US dollars/ton, unchanged; the market price of butadiene in Shandong market is 9,400 yuan/ton, a decrease of 25 yuan. The weekly capacity of butadiene is 151,200 tons, unchanged; the weekly capacity utilization rate of butadiene is 68.33%, a decrease of 0.12 percentage points; the port inventory of butadiene is 25,600 tons, a decrease of 5,350 tons. The daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 50.64%, an increase of 0.54 percentage points [2] 3.4 Production and Inventory of Cis - Butadiene Rubber - The monthly output of cis - butadiene rubber is 0.65 million tons; the weekly capacity utilization rate of cis - butadiene rubber is 73.48%, a decrease of 2.68 percentage points; the weekly production profit of cis - butadiene rubber is - 509 yuan/ton, a decrease of 47 yuan. The weekly social inventory of cis - butadiene rubber is 34,500 tons, an increase of 2,600 tons; the weekly manufacturer inventory of cis - butadiene rubber is 26,300 tons, an increase of 1,650 tons; the weekly trader inventory of cis - butadiene rubber is 8,210 tons, an increase of 950 tons [2] 3.5 Downstream Situation - The weekly operating rate of domestic semi - steel tires is 73.46%, an increase of 5.99 percentage points; the weekly operating rate of domestic all - steel tires is 65.59%, an increase of 5.81 percentage points. The monthly output of all - steel tires is 13.03 million pieces, an increase of 280,000 pieces; the monthly output of semi - steel tires is 58.06 million pieces, an increase of 1.09 million pieces. The inventory days of all - steel tires in Shandong is 38.83 days, a decrease of 0.05 days; the inventory days of semi - steel tires in Shandong is 45.94 days, an increase of 0.09 days [2] 3.6 Industry News - As of September 11, the inventory of domestic cis - butadiene rubber sample enterprises was 34,500 tons, a week - on - week increase of 2,600 tons, or 8.15%. As of September 11, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.61%, a week - on - week increase of 5.69 percentage points and a year - on - year decrease of 7.31 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 66.31%, a week - on - week increase of 5.57 percentage points and a year - on - year increase of 4.23 percentage points. Most tire enterprises that had maintenance at the beginning of the month have resumed normal operations, driving the increase in capacity utilization. In August 2025, China's cis - butadiene rubber output was 135,700 tons, an increase of 6,500 tons from the previous month, a month - on - month increase of 5.02% and a year - on - year increase of 30.73%. Although some production facilities had short - term maintenance, the overall supply was sufficient, and the inventories of production and trading enterprises increased [2]