合成橡胶早报-20251223

1. Report Information - Report title: Synthetic Rubber Morning Report [2] - Research team: Energy and Chemicals Team of the Research Center [3] - Date: December 23, 2025 [3] 2. Core Data Summary BR (Butadiene Rubber) - Futures Information: On December 22, the BR主力合约 (12) price was 11230, up 210 from the previous day and 300 from the previous week. The holding volume was 103729, an increase of 1734 from the previous day and 2673 from the previous week. The trading volume was 173927, up 46651 from the previous day and 33120 from the previous week. The warrant quantity remained at 20810, with no change from the previous day but an increase of 1630 from the previous week. The virtual - real ratio was 24.92, with no daily change and a weekly decrease of 1 [4]. - Basis/Spread/Inter - variety: The butadiene rubber basis was - 230, down 60 from the previous day and 50 from the previous week. The styrene - butadiene basis was 20, down 210 from the previous day and 250 from the previous week. The 02 - 03 spread was - 15, up 10 from the previous day and 10 from the previous week. The 03 - 04 spread was - 10, down 5 from the previous day and up 15 from the previous week. The RU - BR spread was 3975, down 195 from the previous day and 262 from the previous week. The NR - BR spread was 1125, down 215 from the previous day and 330 from the previous week [4]. - Spot Price: The Shandong market price was 11000, up 150 from the previous day and 250 from the previous week. The Transfar market price was 10900, up 100 from the previous day and 250 from the previous week. The Qilu ex - factory price was 10900, with no daily change and an increase of 200 from the previous week. The CFR Northeast Asia price remained at 1350, and the CFR Southeast Asia price remained at 1600, both with no daily or weekly changes [4]. - Profit: The spot processing profit was 819, up 150 from the previous day and 276 from the previous week. The import profit was - 243, up 121 from the previous day and 251 from the previous week. The export profit was 1053, down 132 from the previous day and 219 from the previous week [4]. BD (Butadiene) - Spot Price: The Shandong market price on December 22 was 7825, with no daily change and a decrease of 25 from the previous week. The Jiangsu market price was 7775, up 75 from the previous day and 150 from the previous week. The Yangzi ex - factory price was 7800, with no daily change and an increase of 250 from the previous week. The CFR China price was 870 [4]. - Profit: The ethylene cracking profit was N/A. The carbon four extraction profit was N/A. The butene oxidation dehydrogenation profit was - 1179, up 75 from the previous day and 80 from the previous week. The import profit was N/A, down 362 compared to a certain previous value and 287 from the previous week. The export profit was - 1352, down 66 from the previous day and up 503 from the previous week. The styrene - butadiene production profit was 1238, with no daily change and a decrease of 50 from the previous week. The ABS production profit was N/A. The SBS production profit was - 392, with no daily change and an increase of 70 from the previous week [4]