Report Information - Report Name: Synthetic Rubber Morning Report [2][10] - Research Team: Energy and Chemicals Team of the Research Center [3][11] - Report Date: November 25, 2025 [3][11] Key Points BR (Butadiene Rubber) - Futures Information: On November 24, the price of the BR main contract (12) was 10,395, with a daily increase of 10 and a weekly decrease of 110. The holding volume was 70,323, with a daily increase of 2,076 and a weekly decrease of 1,698. The trading volume was 131,155, with a daily decrease of 36,200 and a weekly decrease of 9,991. The warehouse receipt quantity was 12,500, with a daily increase of 470 and a weekly increase of 250. The virtual - real ratio was 28.13, with no daily change and a weekly decrease of 1 [4][12]. - Basis/Month Spread/Inter - Variety Spread: The 12 - 01 spread was 0, with a daily increase of 30 and a weekly decrease of 5. The 01 - 02 spread was 20, with a daily decrease of 10 and no weekly change. The RU - BR spread was 4,925, with a daily increase of 70 and a weekly increase of 135. The NR - BR spread was 1,880, with a daily decrease of 20 and a weekly increase of 40 [4][12]. - Spot Price: The Shandong market price was 10,500, with a daily increase of 50 and a weekly decrease of 50. The Transfar market price was 10,350, with no daily change and a weekly decrease of 50. The Qilu ex - factory price was 10,700, with no daily change and a weekly increase of 200. The CFR Northeast Asia price was 1,350, with no daily or weekly change. The CFR Southeast Asia price was 1,700, with no daily or weekly change [4][12]. - Profit: The spot processing profit was 982, with a daily increase of 229 and a weekly increase of 78. The import profit was - 849, with a daily increase of 62 and a weekly decrease of 49. The export profit was 1,875, with a daily decrease of 56 and a weekly increase of 43 [4][12]. BD (Butadiene) - Spot Price: The Shandong market price was 7,175, with a daily decrease of 175 and a weekly decrease of 125. The Jiangsu market price was 7,000, with a daily decrease of 50 and a weekly decrease of 50. The Yangzi ex - factory price was 7,200, with no daily change and a weekly increase of 200. The CFR China price was 970, with no daily or weekly change [4][12]. - Profit: The ethylene cracking profit was - 56 on November 21 (data for November 24 is unavailable). The C4 extraction profit was 195 on November 20 and 285 on November 21 (data for November 24 is unavailable). The butene oxidative dehydrogenation profit was - 1,814, with a daily decrease of 50 and a weekly decrease of 50 [4][12].
合成橡胶早报-20251125
Yong An Qi Huo·2025-11-25 03:09