合成橡胶产业日报-20250930

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The overall supply of domestic butadiene rubber is sufficient, with production resuming and increasing. The cost and supply side lack positive drivers, and some industry players are waiting to see if the ex - factory prices of Sinopec and PetroChina resources will be lowered. The inventory of production enterprises has slightly increased, while that of trading enterprises has decreased. Near the National Day holiday, the overall inventory level of enterprises is expected to decline slightly. In terms of demand, tire enterprises mostly maintained their previous operating levels last week, with overall operating rates slightly adjusted. Some small - scale semi - steel tire sample enterprises entered the National Day holiday maintenance period in advance due to insufficient orders, which will drag down the tire enterprises' capacity utilization rate this week. During the National Day holiday, attention should be paid to the price fluctuations of crude oil and butadiene on the cost side [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract for synthetic rubber was 11,100 yuan/ton, a decrease of 240 yuan/ton compared to the previous period. The position volume of the main contract was 33,214, a decrease of 5,336. The 10 - 11 spread of synthetic rubber was 250 yuan/ton, an increase of 215 yuan/ton. The total number of warehouse receipts for butadiene rubber in warehouses was 2,770 tons, an increase of 100 tons [2] 3.2 Spot Market - The mainstream price of BR9000 butadiene rubber from Qilu Petrochemical in Shandong was 11,450 yuan/ton, a decrease of 100 yuan/ton; from Daqing Petrochemical in Shandong was 11,400 yuan/ton, a decrease of 50 yuan/ton; from Daqing Petrochemical in Shanghai was 11,500 yuan/ton, a decrease of 50 yuan/ton; from Maoming Petrochemical in Guangdong was 11,550 yuan/ton, a decrease of 50 yuan/ton. The basis of synthetic rubber was 110 yuan/ton, a decrease of 10 yuan/ton [2] 3.3 Upstream Situation - The current - week production capacity of butadiene was 155,400 tons/week, an increase of 4,300 tons/week. The current - week capacity utilization rate of butadiene was 66.3%, a decrease of 0.48 percentage points. The port inventory of butadiene at the end of the week was 27,750 tons, an increase of 4,650 tons. The operating rate of Shandong local refineries' atmospheric and vacuum distillation units was 53.49%, an increase of 1.64 percentage points [2] 3.4 Downstream Situation - The current - month production of butadiene rubber was 135,700 tons, an increase of 6,500 tons. The current - week capacity utilization rate of butadiene rubber was 66.41%, a decrease of 3.31 percentage points. The current - week production profit of butadiene rubber was - 544 yuan/ton, an increase of 114 yuan/ton. The social inventory of butadiene rubber at the end of the week was 32,300 tons, a decrease of 1,400 tons. The manufacturer inventory of butadiene rubber at the end of the week was 26,600 tons, an increase of 700 tons; the trader inventory was 5,700 tons, a decrease of 2,120 tons [2] 3.5 Industry News - As of September 24, the inventory of domestic butadiene rubber sample enterprises was 32,300 tons, a decrease of 1,400 tons compared to the previous period, a month - on - month decrease of 4.21%. As of September 25, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.64%, a month - on - month decrease of 0.10 percentage points and a year - on - year decrease of 6.95 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 66.39%, a month - on - month increase of 0.03 percentage points and a year - on - year increase of 6.27 percentage points [2] 3.6 Key Points to Watch - There is no news today [2]