STL(SZ:002648) Yong An Qi Huo·2025-09-23 01:00Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 23, 2025 [2] Core Data Summary BR (Butadiene Rubber) - Futures Data: On September 22, the closing price of the main contract was 11,505, up 60 from the previous day and down 200 week - on - week; the open interest was 70,306, down 4,953 from the previous day and up 51,521 week - on - week; the trading volume was 95,866, up 1,305 from the previous day and up 59,284 week - on - week; the warrant quantity was 9,190, down 1,040 from the previous day and down 4,480 week - on - week; the virtual - to - real ratio was 38.25; the butadiene rubber basis was 45, down 110 from the previous day and up 50 week - on - week; the butadiene rubber basis (two major oil companies) was 195, down 60 from the previous day and unchanged week - on - week [3]. - Spot Data: The Shandong market price was 11,550, down 50 from the previous day and down 150 week - on - week; the Transfar market price was 11,450, unchanged from the previous day and down 100 week - on - week; the Qilu ex - factory price was 11,700, unchanged from the previous day and down 200 week - on - week; CFR Northeast Asia was 1,525, unchanged from the previous day and unchanged week - on - week; CFR Southeast Asia was 1,700, unchanged from the previous day and unchanged week - on - week [3]. - Profit Data: The spot processing profit was - 238, up 52 from the previous day and down 150 week - on - week; the futures processing profit was - 283, up 162 from the previous day and down 200 week - on - week; the import profit was - 83,031, down 54 from the previous day and up 1,520 week - on - week; the export profit was 155, up 44 from the previous day and up 124 week - on - week [3]. BD (Butadiene) - Price Data: The Shandong market price was 9,400, down 100 from the previous day and unchanged week - on - week; the Jiangsu market price was 9,200, unchanged from the previous day and down 50 week - on - week; the Yangzi ex - factory price was 9,150, down 100 from the previous day and down 100 week - on - week; CFR China was 1,060, down 10 from the previous day and down 30 week - on - week [3]. - Profit Data: The carbon four extraction profit was N/A; the butene oxidative dehydrogenation profit was 196, up 90 from the previous day and up 110 week - on - week; the import profit was 527, up 80 from the previous day and up 197 week - on - week; the export profit was - 896, unchanged from the previous day and up 110 week - on - week [3]. Downstream Products - The butadiene rubber production profit was - 283, up 162 from the previous day and down 200 week - on - week; the styrene - butadiene rubber production profit was 1,063, up 100 from the previous day and down 50 week - on - week; the ABS production profit was N/A; the SBS production profit (791 - H) was 955, up 70 from the previous day and up 130 week - on - week [3]. Price Spreads - Inter - variety Spreads: RU - BR was - 54,691, up 5,033 from the previous day and down 51,901 week - on - week; NR - BR was - 57,881, up 5,078 from the previous day and down 51,806 week - on - week; Thai mixed - butadiene rubber was 3,300, up 170 from the previous day and down 150 week - on - week; 3L - styrene - butadiene rubber was 3,100, up 50 from the previous day and unchanged week - on - week [3]. - Intra - variety Spreads: The butadiene rubber standard - non - standard price spread was 150, down 50 from the previous day and down 50 week - on - week; the styrene - butadiene 1502 - 1712 spread was 1,000, unchanged from the previous day and unchanged week - on - week [3].