合成橡胶：丁二烯企稳，盘面反弹

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core Viewpoints - Short - term, after a significant previous correction, the butadiene rubber futures are approaching the low end of the fundamental static valuation. With tight butadiene spot and port destocking, increased market speculation drives the futures price to rebound [3]. 3) Summary by Related Catalogs Fundamental Tracking - Futures Market: The closing price of the butadiene rubber main contract (03 contract) was 11,915 yuan/ton, up 330 yuan from the previous day; trading volume was 128,058 lots; open interest was 93,726 lots, up 2,724 lots; turnover was 7.5067 billion yuan, up 1.39503 billion yuan [1]. - Spread Data: The basis of Shandong butadiene - futures main contract was - 315 yuan, down 330 yuan; the monthly spread of BR02 - BR05 was - 100 yuan, up 5 yuan [1]. - Spot Market: The prices of butadiene rubber in North China, East China, and South China increased to varying degrees; the prices of Qilu styrene - butadiene rubber (models 1502 and 1712) both rose by 100 yuan; the prices of butadiene in Jiangsu and Shandong increased by 250 yuan and 200 yuan respectively [1]. - Fundamentals: The butadiene rubber operating rate remained unchanged at 74.599%; the theoretical full cost of butadiene rubber was 12,388 yuan/ton, up 206 yuan; the butadiene rubber profit was - 687 yuan/ton, down 205 yuan [1]. Industry News - As of January 21, 2026, the domestic butadiene rubber inventory was 35,400 tons, a 1.32% increase from the previous period. Some sample production enterprises' inventory increased, while sample trading enterprises' inventory decreased [2]. - On January 21, the latest inventory of butadiene in East China ports was about 34,500 tons, a significant decrease of 10,100 tons from the previous period due to limited imports and high - level operation of downstream industries [2][3].