合成橡胶早报-20250930

1. Report Overview - Report Title: Synthetic Rubber Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: September 30, 2025 [2] 2. Core Data Summary 2.1 BR (Butadiene Rubber) - Price and Volume Metrics: On September 29, the closing price of the main contract was 11,340, down 90 from the previous day and 165 from the previous week; the position of the main contract was 38,220, down 1,541 from the previous day and 31,756 from the previous week; the trading volume was 158,160, down 33,594 from the previous day [3]. - Warehouse Receipts and Ratios: The number of warehouse receipts was 7,600, down 1,650 from the previous day and 1,590 from the previous week; the virtual - real ratio was 25.36, up 4 from the previous day and down 13 from the previous week [3]. - Basis and Spread: The basis of butadiene rubber was 160, down 110 from the previous day and 35 from the previous week; the 10 - 11 month spread was 35, unchanged from the previous day and down 30 from the previous week; the 11 - 12 month spread was 5, down 15 from the previous day and 15 from the previous week [3]. - Market Prices: The Shandong market price was 11,450, down 100 from the previous day and 100 from the previous week; the Transfar market price was 11,350, down 100 from the previous day and 100 from the previous week; the Qilu ex - factory price was 11,500, down 200 from the previous day and 200 from the previous week [3]. - Processing and Trade Profits: The spot processing profit was - 32, down 49 from the previous day and up 206 from the previous week; the on - screen processing profit was - 142, down 39 from the previous day and up 141 from the previous week; the import profit was - 81,760, up 1,526 from the previous day and 1,247 from the previous week; the export profit was 90, up 86 from the previous day and down 62 from the previous week [3]. 2.2 BD (Butadiene) - Market Prices: The Shandong market price was 9,100, down 50 from the previous day and 300 from the previous week; the Jiangsu market price was 8,950, down 20 from the previous day and 250 from the previous week; the Yangzi ex - factory price was 9,000, down 150 from the previous day and 150 from the previous week; the CFR China price was 1,060, unchanged from the previous day and the previous week [3]. - Processing and Trade Profits: The carbon four extraction profit was N/A; the butylene oxidative dehydrogenation profit was 206, up 20 from the previous day and 10 from the previous week; the import profit was 304, down 49 from the previous day and 274 from the previous week; the export profit was - 874, up 43 from the previous day and down 12 from the previous week [3]. 2.3 Downstream Products - Production Profits: The production profit of styrene - butadiene rubber was 875, down 188 from the previous day and 188 from the previous week; the production profit of ABS was N/A; the production profit of SBS (791 - H) was 1,090, up 105 from the previous day and 105 from the previous week [3]. 2.4 Price Spreads - Inter - product Spreads: The RU - BR spread was - 23,175, up 1,446 from the previous day and 31,516 from the previous week; the NR - BR spread was - 26,120, up 1,536 from the previous day and 31,761 from the previous week; the Thai mixed - butadiene rubber spread was 3,350, up 50 from the previous day and 50 from the previous week; the 3L - styrene - butadiene rubber spread was 3,200, unchanged from the previous day and up 100 from the previous week; the butadiene rubber standard - non - standard spread was 250, unchanged from the previous day and up 100 from the previous week [3]. - Intra - product Spreads: The styrene - butadiene rubber 1502 - 1712 spread was 1,000, unchanged from the previous day and the previous week [3].