永安合成橡胶早报-20250924

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 24, 2025 [2] Core Data Analysis BR (Butadiene Rubber) - Price and Volume: On September 23, the closing price of the main contract was 11,430, down 75 from the previous day and 245 from the previous week; the trading volume was 109,780, up 13,914 from the previous day and 35,016 from the previous week; the open interest was 65,588, down 4,718 from the previous day but up 1,372 from the previous week; the warrant quantity was 9,190, unchanged from the previous day and down 4,440 from the previous week [3]. - Basis and Spread: The basis of cis - butadiene rubber increased by 25 from the previous day and 45 from the previous week; the 8 - 9 spread decreased by 135 from the previous day and 120 from the previous week, while the 9 - 10 spread increased by 15 from the previous day and 135 from the previous week [3]. - Market Price: The Shandong market price was 11,500, down 50 from the previous day and 200 from the previous week; the Transfar market price was 11,450, unchanged from the previous day and down 100 from the previous week; the Qilu ex - factory price was 11,700, unchanged from the previous day and down 200 from the previous week [3]. - Processing and Import/Export Profits: The spot processing profit was - 237, with a weekly decrease of 47; the futures processing profit was - 307, down 24 from the previous day and 92 from the previous week; the import profit was - 83,069, down 62 from the previous day but up 1,407 from the previous week; the export profit was 19, down 133 from the previous day and 4 from the previous week [3]. BD (Butadiene) - Market Price: The Shandong market price was 9,350, down 50 from the previous day and 150 from the previous week; the Jiangsu market price was 9,150, down 50 from the previous day and 150 from the previous week; the Yangzi ex - factory price was 9,150, unchanged from the previous day and down 100 from the previous week; the CFR China price was 1,060, unchanged from the previous day and down 30 from the previous week [3]. - Processing and Import/Export Profits: The carbon - four extraction profit was not available; the butylene oxidative dehydrogenation profit was 336, up 140 from the previous day and 200 from the previous week; the import profit was 447, down 51 from the previous day but up 91 from the previous week; the export profit was - 996, down 98 from the previous day and 47 from the previous week [3]. Downstream Products - Production Profits: The butadiene - styrene production profit was 1,063, unchanged from the previous day and down 50 from the previous week; the SBS 791 - H production profit was 882, unchanged from the previous day and up 160 from the previous week; the ABS production profit was not available [3]. Inter - and Intra - Product Spreads - Inter - Product Spreads: The RU - BR spread was - 50,063, up 4,628 from the previous day and down 1,887 from the previous week; the NR - BR spread was - 53,193, up 4,688 from the previous day and down 1,692 from the previous week; the Thai mixed - cis - butadiene spread was 3,280, down 20 from the previous day and 170 from the previous week; the 3L - butadiene - styrene spread was 3,100, unchanged from the previous day and up 50 from the previous week [3]. - Intra - Product Spreads: The butadiene - styrene 1502 - 1712 spread was 1,000, unchanged from the previous day and the previous week; the cis - butadiene standard - non - standard spread was 100, down 50 from the previous day and the previous week [3].