合成橡胶早报-20251118

Report Title and Date - The report is "Synthetic Rubber Morning Report" dated November 18, 2025, prepared by the Energy and Chemicals Team of the Research Center [2][3] 2. Key Data Summary BR (Butadiene Rubber) - Futures Data - BR主力合约(12) price on November 17 was 10455, with a daily change of 10 and an interval change of 215 compared to October 16 [4] - Open interest on November 17 was 73806, down 632 from the previous day and 8235 from October 16 [4] - Trading volume on November 17 was 114634, up 17371 from the previous day and 25483 from October 16 [4] - Warehouse receipt quantity on November 17 was 12250, down 260 from the previous day and 360 from October 16 [4] - The virtual - to - real ratio on November 17 was 30.12, with no daily change and a 2 - point decrease compared to October 16 [4] - The BR basis on November 17 was 45, down 10 from the previous day and 115 from October 16 [4] - The 12 - 01 spread on November 17 was 40, up 30 from the previous day and down 25 from October 16 [4] - The 01 - 02 spread on November 17 was 10, up 5 from the previous day and 5 from October 16 [4] - The RU - BR spread on November 17 was 4860, up 90 from the previous day and 5 from October 16 [4] - The NR - BR spread on November 17 was 1900, up 80 from the previous day and 15 from October 16 [4] - Spot Data - Shandong market price on November 17 was 10500, with no daily change and a 100 - point increase compared to October 16 [4] - Chuanhua market price on November 17 was 10400, with no daily change and a 150 - point increase compared to October 16 [4] - Qilu ex - factory price on November 17 was 10500, with no daily change and a 300 - point increase compared to October 16 [4] - CFR Northeast Asia price remained at 1400 from November 11 to 17 [4] - CFR Southeast Asia price on November 17 was 1682, with no daily change and no change compared to October 16 [4] - Profit Data - Spot processing profit on November 17 was 26, with a daily change of 26 and a 130 - point decrease compared to October 16 [4] - Import profit on November 17 was - 1247, down 16 from the previous day and up 119 from October 16 [4] - Export profit on November 17 was 2191, up 16 from the previous day and down 106 from October 16 [4] BD (Butadiene) - Spot Data - Shandong market price on November 17 was 7200, down 25 from the previous day and up 225 from October 16 [4] - Jiangsu market price on November 17 was 7025, up 50 from the previous day and 175 from October 16 [4] - Yangzi ex - factory price on November 17 was 7000, with no daily change and a 100 - point increase compared to October 16 [4] - CFR China price on November 17 was 770, down 20 from the previous day and 20 from October 16 [4] - Profit Data - Ethylene cracking profit: data from November 14 onwards was N/A [4] - C4 extraction profit: data from November 14 onwards was N/A [4] - Butene oxidative dehydrogenation profit on November 17 was - 1649, up 50 from the previous day and 175 from October 16 [4] - Import profit on November 17 was 692, up 202 from the previous day and 346 from October 16 [4] - Export profit on November 17 was - 1146, down 36 from the previous day and 1727 from October 16 [4] - Styrene - butadiene production profit on November 17 was 1400, with no daily change and a 225 - point increase compared to October 16 [4] - ABS production profit data from November 13 onwards was N/A [4] - SBS production profit on November 17 was - 220, with no daily change and a 130 - point decrease compared to October 16 [4]