合成橡胶早报-20251229

Report Overview - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 29, 2025 [3] BR (Butadiene Rubber) Analysis Futures Market - On December 26, the BR main contract (12) price was 11,635, a daily increase of 350 and a weekly increase of 405 [4]. - The position was 64,505, a daily decrease of 18,144 and a weekly decrease of 39,224 [4]. - The trading volume was 196,070, a daily increase of 41,180 and a weekly increase of 22,143 [4]. - The warrant quantity remained at 23,490, with no daily change and a weekly increase of 2,680 [4]. - The long - short ratio was 13.73, a daily decrease of 4 and a weekly decrease of 11 [4]. Basis/Spread/Inter - Variety - The butadiene rubber basis was - 582, a daily decrease of 150 and a weekly decrease of 55 [4]. - The styrene - butadiene basis was - 135, a daily decrease of 250 and a weekly decrease of 520 [4]. - The 02 - 03 spread was - 5, a daily increase of 25 and a weekly increase of 10 [4]. - The 03 - 04 spread was - 5, a daily increase of 10 and a weekly increase of 5 [4]. - The RU - BR spread was 4,145, a daily decrease of 300 and a weekly increase of 170 [4]. - The NR - BR spread was 1,120, a daily decrease of 290 and a weekly decrease of 5 [4]. Spot Market - The Shandong market price was 11,350, a daily increase of 200 and a weekly increase of 350 [4]. - The Transfar market price was 11,400, a daily increase of 300 and a weekly increase of 500 [4]. - The Qilu ex - factory price was 11,100, with no daily change and a weekly increase of 200 [4]. - CFR Northeast Asia was 1,400, with no daily change and a weekly increase of 50 [4]. - CFR Southeast Asia was 1,625, with no daily change and a weekly increase of 25 [4]. Profit Analysis - The spot processing profit was 582, a daily decrease of 183 and a weekly decrease of 237 [4]. - The import profit was - 234, a daily increase of 230 and a weekly increase of 3 [4]. - The export profit was 870, a daily decrease of 202 and a weekly decrease of 177 [4]. BD (Butadiene) Analysis Spot Market - The Shandong market price was 8,400, a daily increase of 375 and a weekly increase of 575 [4]. - The Jiangsu market price was 8,200, a daily increase of 400 and a weekly increase of 425 [4]. - The Yangzi ex - factory price was 8,100, a daily increase of 300 and a weekly increase of 300 [4]. - CFR China was 930 [4]. Profit Analysis - The ethylene cracking profit was - 39 [4]. - The carbon - four extraction profit was 1,059 [4]. - The butylene oxidative dehydrogenation profit was - 684, a daily increase of 470 and a weekly increase of 495 [4]. - The import profit was 70 [4]. - The export profit was - 1,399, a daily decrease of 363 and a weekly increase of 237 [4]. Other Product Profit Analysis - The styrene - butadiene production profit was 1,188, a daily decrease of 125 and a weekly decrease of 50 [4]. - The ABS production profit was - 738 [4]. - The SBS production profit was - 635, a daily decrease of 210 and a weekly decrease of 240 [4]. Data Source - The data sources are Mysteel and Wind [8]