Group 1: Report Summary - Strategy suggestion: The short-term price of the br2508 contract is expected to fluctuate between 11,000 and 11,500 [7] - Market review: This week, the spot price of domestic butadiene rubber was weakly consolidating, with the Shandong market spot price fluctuating between 11,200 and 11,700 yuan/ton. The ex-factory prices of high-cis butadiene rubber of Sinopec and PetroChina sales companies were stable. As of July 3, 2025, the mainstream ex-factory price of high-cis butadiene rubber in China was between 11,700 and 11,800 yuan/ton [8] - Market outlook: Affected by the weak raw material market and continuous shipment pressure, industry players are cautiously waiting and watching. Driven by the high inventory reduction of individual production enterprises, the overall inventory of domestic butadiene rubber enterprises decreased slightly this week. However, the shipment pressure of downstream enterprises remains high, and the inventories of production enterprises and trading enterprises are expected to increase slightly. In terms of demand, the capacity utilization rate of domestic tire enterprises decreased week-on-week this week. Some semi-steel tire enterprises had maintenance arrangements for 4 - 11 days, and some enterprises operated at reduced loads, significantly dragging down the overall capacity utilization rate. Most tire enterprises maintained stable production schedules, and individual enterprises had maintenance arrangements for 4 - 5 days, resulting in a slight decline in capacity utilization rate. Next week, as enterprise maintenance gradually ends and production resumes, it will drive up the overall capacity utilization rate of tire enterprises [8] Group 2: Futures Market - Price trend: This week, the price of the synthetic rubber futures main contract fluctuated and closed flat, with a weekly change of +0% [12] - Position analysis: Not detailed in the provided content - Inter - month spread: As of July 4, the spread between the 8th and 9th contracts of butadiene rubber was 75 [19] - Warehouse receipts: As of July 4, the butadiene rubber warehouse receipts were 700 tons, unchanged from last week [22] Group 3: Spot Market - Spot price: As of July 3, the price of Qilu Petrochemical BR9000 in the Shandong market was 11,500 yuan/ton, a decrease of 50 yuan/ton from last week [27] - Basis: As of July 3, the basis of butadiene rubber was 315 yuan/ton, an increase of 40 yuan/ton from last week [27] Group 4: Upstream Market - Naphtha and ethylene prices: As of July 3, the CFR mid - price of naphtha in Japan was reported at 577.38 US dollars/ton, an increase of 9.26 US dollars/ton from last week; the CIF mid - price of Northeast Asian ethylene was reported at 850 US dollars/ton, unchanged from last week [30] - Butadiene capacity utilization and inventory: As of July 4, the weekly capacity utilization rate of butadiene was 70.91%, an increase of 1.2% from last week; the port inventory of butadiene was 22,330 tons, a decrease of 5,120 tons from last week [33] Group 5: Industry Situation - Production and capacity utilization: In June 2025, the domestic butadiene rubber production was 122,500 tons, a decrease of 16,900 tons from the previous month. As of July 3, the weekly capacity utilization rate of domestic butadiene rubber was 66.98%, an increase of 0.18% from last week [36] - Production profit: As of July 3, the domestic butadiene rubber production profit was - 164 yuan/ton, an increase of 414 yuan/ton from last week [39] - Inventory: As of July 4, the domestic butadiene rubber social inventory was 33,100 tons, a decrease of 870 tons from last week; the manufacturer inventory was 26,350 tons, a decrease of 1,300 tons from last week; the trader inventory was 6,800 tons, an increase of 430 tons from last week [42] Group 6: Downstream Market - Tire capacity utilization: As of July 3, the capacity utilization rate of domestic semi - steel tire sample enterprises was 64.13%, a week - on - week decrease of 6.27 percentage points and a year - on - year decrease of 15.85 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 61.53%, a week - on - week decrease of 0.70 percentage points and a year - on - year decrease of 0.96 percentage points [45] - Tire export: In May 2025, China's tire export volume was 758,700 tons, a month - on - month increase of 8.87% and a year - on - year increase of 11.48%. From January to May, China's cumulative tire export volume was 3.4042 million tons, a cumulative year - on - year increase of 7.18%. Among them, the export volume of passenger car tires was 289,100 tons, a month - on - month increase of 12.23% and a year - on - year increase of 8.33%. From January to May, the cumulative export volume of passenger car tires was 1.3353 million tons, a cumulative year - on - year increase of 4.94%. The export volume of truck and bus tires was 437,800 tons, a month - on - month increase of 6.74% and a year - on - year increase of 12.93%. From January to May, the cumulative export volume of truck and bus tires was 1.9275 million tons, a cumulative year - on - year increase of 7.85% [48]

Overview - The report is a weekly report on the synthetic rubber market, covering aspects such as market trends, industrial conditions, and downstream demand [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - This week, the price of domestic butadiene rubber futures rebounded, and the ex - factory price of high - cis butadiene rubber from mainstream sales companies increased by 200 yuan/ton. As of June 12, the mainstream ex - factory price of high - cis butadiene rubber in China was between 11,600 - 11,700 yuan/ton [7] - The supply of raw material butadiene is relatively sufficient, and the cost support for butadiene rubber production has weakened. Recently, many domestic butadiene rubber producers have carried out maintenance and shutdowns. Some traders have placed orders for replenishment, but the lack of actual positive factors has led to difficulties in shipping. The inventory of producers has slightly decreased, while the inventory of trading enterprises has increased [7] - In terms of demand, the production schedules of previously shut - down enterprises have gradually returned to normal levels. This week, the capacity utilization rate of domestic tire enterprises has increased on a week - on - week basis. It is expected that the capacity utilization rate of tire enterprises will fluctuate slightly in the short term [7] - The br2508 contract is expected to fluctuate in the range of 10,700 - 11,300 in the short term [7] Summary by Directory 1. Week - on - Week Summary - **Market Trend**: The price of domestic butadiene rubber futures rebounded, and the ex - factory price of high - cis butadiene rubber increased by 200 yuan/ton [7] - **Market Outlook**: Raw material supply is sufficient, cost support weakens. Producer inventory decreases slightly, trader inventory increases. Tire enterprise capacity utilization rate is expected to fluctuate slightly [7] - **Strategy Recommendation**: The br2508 contract is expected to fluctuate between 10,700 - 11,300 [7] 2. Futures and Spot Markets Futures Market - **Price Trend**: The price of the synthetic rubber futures main contract fluctuated and closed up, with a weekly increase of 0.49% [11] - **Spread**: As of June 13, the 7 - 8 spread of butadiene rubber was 180 [18] - **Warehouse Receipts**: As of June 13, the butadiene rubber warehouse receipts were 5,170 tons, a decrease of 730 tons from last week [21] Spot Market - **Price**: As of June 12, the price of Qilu Petrochemical BR9000 in the Shandong market was 11,550 yuan/ton, an increase of 150 yuan/ton from last week [26] - **Basis**: As of June 12, the basis of butadiene rubber was 515 yuan/ton, an increase of 75 yuan/ton from last week [26] 3. Industrial Conditions Upstream - **Naphtha and Ethylene Prices**: As of June 12, the CFR mid - price of naphtha in Japan was 584.5 dollars/ton, an increase of 27.2 dollars/ton from last week; the CIF mid - price of Northeast Asian ethylene was 790 dollars/ton, an increase of 10 dollars/ton from last week [29] - **Butadiene Capacity Utilization and Inventory**: As of June 13, the weekly capacity utilization rate of butadiene was 68.98%, an increase of 0.96% from last week; the port inventory was 21,000 tons, a decrease of 6,000 tons from last week [32] Industry - **Production and Capacity Utilization**: In May 2025, the domestic butadiene rubber production was 139,400 tons, an increase of 17,900 tons from the previous month. As of June 12, the weekly capacity utilization rate of domestic butadiene rubber was 65.03%, a decrease of 2.22% from last week [36] - **Production Profit**: As of June 12, the domestic butadiene rubber production profit was - 576 yuan/ton, an increase of 306 yuan/ton from last week [39] - **Inventory**: As of June 13, the domestic butadiene rubber social inventory was 33,800 tons, a decrease of 1,200 tons from last week; the producer inventory was 27,650 tons, a decrease of 650 tons from last week; the trader inventory was 6,210 tons, an increase of 530 tons from last week [43] Downstream - **Tire Capacity Utilization**: As of June 12, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 69.98%, a week - on - week increase of 5.93 percentage points and a year - on - year decrease of 10.00 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 58.70%, a week - on - week increase of 3.05 percentage points and a year - on - year increase of 4.95 percentage points [46] - **Tire Exports**: In April 2025, China's tire exports were 696,800 tons, a month - on - month decrease of 7.14% and a year - on - year increase of 6.11%. From January to April, the cumulative tire exports were 2,645,500 tons, a cumulative year - on - year increase of 6.01% [49]

Raw Materials and Spot Prices - As of June 5, the market price of butadiene in Shandong is 9400 CNY/ton, an increase of 50 CNY [1] - The CIF price of butadiene in China is 1150 USD/ton, unchanged [1] - The market price of styrene-butadiene rubber (BR9000) in Shandong Qilu Petrochemical is 11400 CNY/ton, unchanged [1] - The price difference for styrene-butadiene rubber-Taiwan mix is -2100 CNY/ton, an increase of 100 CNY [1] - The basis is 440 CNY/ton, an increase of 135 CNY [1] Production and Operating Rates - In May, China's butadiene production was 448,900 tons, a decrease of 1.3% month-on-month [2] - The production of styrene-butadiene rubber was 143,300 tons, an increase of 17.9% month-on-month [2] - The production of semi-steel tires was 54.15 million units, a decrease of 2.2% month-on-month, and a year-on-year decrease of 1.46% for January to May [2] - The production of all-steel tires was 11.82 million units, a decrease of 9.6% month-on-month, and a year-on-year decrease of 3.1% for January to May [2] - As of June 5, the operating rates for the butadiene industry is 68%, a decrease of 1.8% [2] - The operating rate for high-styrene butadiene rubber is 67.1%, a decrease of 8.8% [2] - The operating rate for semi-steel tire manufacturers is 64.1%, a decrease of 11.7% [2] - The operating rate for all-steel tire manufacturers is 55.7%, a decrease of 8.5% [2] Inventory - As of June 4, the port inventory of butadiene is 27,000 tons, a decrease of 1,500 tons [3] - The internal inventory of styrene-butadiene rubber is 28,300 tons, an increase of 200 tons, a month-on-month increase of 0.71% [3] - The inventory of traders is 5,680 tons, a decrease of 680 tons, a month-on-month decrease of 10.69% [3] Market Insights - According to Longzhong Information on June 5, the total inventory of butadiene in the domestic sample decreased slightly, down 1.66% from the previous week [4] - The inventory of sample enterprises increased by 2.07% from the previous week, with some enterprises undergoing maintenance, keeping inventory low [4] - However, there are increases in inventory at some enterprises in East and South China, affecting the overall inventory of sample enterprises [4] - The port inventory of samples decreased by 5.26%, influenced by limited ship arrivals [4] Analysis - On June 5, the rubber sector followed commodity fluctuations, with the main contract for synthetic rubber BR2507 closing at 10,960 CNY/ton, a decrease of 0.27% from the previous settlement price [5] - In early June, domestic butadiene maintenance volumes remain high, but supply is expected to recover in the latter half of the month [5] - Overall production in June is unlikely to increase significantly, with short-term butadiene transactions being poor [5] - The tariff issue on automobiles and auto parts remains unresolved, posing challenges for Japanese and Korean automotive and tire manufacturing, which may lead to a decline in butadiene demand [5] - With the gradual recovery of Asian ethylene maintenance facilities and the expected arrival of Iranian butadiene in mid-June, China's butadiene import volume is anticipated to be substantial [5] - The supply-demand balance for butadiene in June is expected to be loose, with significant supply declines in the styrene-butadiene rubber industry, but still showing year-on-year growth [5] - The tire order situation is not optimistic, with high inventory levels dragging down tire operating rates [5]

Report Summary 1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - This week, the spot price of domestic butadiene rubber in the market dropped from a high level. Due to strong demand for raw material butadiene and unexpected shutdown of some plants, the production cost of butadiene rubber has increased significantly. Although most private butadiene rubber plants in North China have reduced their production to varying degrees, the weak downstream demand has led to increased inventory in production enterprises and sample trading enterprises. It is expected that the inventory of trading enterprises will decline in the short term. The capacity utilization rate of domestic tire enterprises has continued to increase this week, but the production schedule of some enterprises has been slightly adjusted, and a few enterprises have maintenance plans at the end of the month, which may affect the overall capacity utilization rate. The br2507 contract is expected to fluctuate in the range of 11,500 - 12,000 in the short term [7]. 3. Summary by Directory 3.1 Week - to - Week Highlights - **Market Review**: The spot price of domestic butadiene rubber dropped from a high level this week. As of May 21, the mainstream price of Daqing BR9000 in the Shandong market was around 12,200 yuan/ton [7]. - **Market Outlook**: The price of raw material butadiene has continued to rise, increasing the production cost of butadiene rubber. The inventory of production enterprises and sample trading enterprises has increased, and it is expected that the inventory of trading enterprises will decline in the short term. The capacity utilization rate of domestic tire enterprises has continued to increase, but the production schedule adjustment of some enterprises and maintenance plans of a few enterprises may affect the overall capacity utilization rate [7]. - **Strategy Recommendation**: The br2507 contract is expected to fluctuate in the range of 11,500 - 12,000 in the short term [7]. 3.2 Futures and Spot Markets - **Futures Market** - The price of the synthetic rubber futures main contract fluctuated and closed down this week, with a weekly decline of 3.96% [11]. - As of May 23, the 6 - 7 spread of butadiene rubber was - 85 [18]. - As of May 23, the butadiene rubber warehouse receipts were 6,790 tons, a decrease of 190 tons from last week [21]. - **Spot Market** - As of May 22, the price of Qilu Petrochemical BR9000 in the Shandong market was 12,200 yuan/ton, a decrease of 350 yuan/ton from last week [25]. - As of May 22, the basis of butadiene rubber was 170 yuan/ton, a decrease of 120 yuan/ton from last week [25]. 3.3 Industrial Situation - **Upstream** - As of May 22, the CFR mid - price of naphtha in Japan was 563.38 US dollars/ton, a decrease of 2 US dollars/ton from last week; the CIF mid - price of Northeast Asian ethylene was 780 US dollars/ton, unchanged from last week [28]. - As of May 23, the weekly capacity utilization rate of butadiene was 67.73%, a decrease of 0.29% from last week; the port inventory of butadiene was 28,200 tons, a decrease of 2,670 tons from last week [31]. - **Industry** - In April 2025, the domestic butadiene rubber production was 121,500 tons, a decrease of 6,800 tons from the previous month. As of May 22, the weekly capacity utilization rate of domestic butadiene rubber was 75.57%, a decrease of 3.63% from last week [34]. - As of May 22, the domestic butadiene rubber production profit was - 615 yuan/ton, an increase of 618 yuan/ton from last week [37]. - As of May 21, the domestic butadiene rubber social inventory was 32,800 tons, an increase of 600 tons from last week. As of May 23, the domestic butadiene rubber manufacturer inventory was 27,000 tons, an increase of 350 tons from last week; the trading enterprise inventory was 5,800 tons, an increase of 330 tons from last week [42]. - **Downstream** - As of May 22, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 73.74%, a month - on - month increase of 2.53 percentage points and a year - on - year decrease of 6.35 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 62.09%, a month - on - month increase of 2.21 percentage points and a year - on - year decrease of 4.11 percentage points [45]. - In April 2025, China's tire export volume was 696,800 tons, a month - on - month decrease of 7.14% and a year - on - year increase of 6.11%. From January to April, China's cumulative tire export volume was 2,645,500 tons, a cumulative year - on - year increase of 6.01% [49].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, some private cis - butadiene rubber plants are expected to restart, supply will continue to increase, and the pressure on the spot market to sell goods remains high. It is expected that the inventories of production enterprises and trading enterprises will continue to increase slightly. [2] - Last week, the capacity utilization rate of domestic tire enterprises decreased significantly month - on - month. Some enterprises had 2 - 5 days of maintenance arrangements, which had a great impact on the overall capacity utilization rate. The short - term capacity utilization rate is expected to gradually recover. [2] - The BR2507 contract is expected to fluctuate in the range of 11,800 - 12,700 in the short term. [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of synthetic rubber was 12,380 yuan/ton, with a month - on - month increase of 175 yuan/ton; the position of the main contract was 26,505, with a month - on - month increase of 83. [2] - The synthetic rubber 6 - 7 spread was - 200 yuan/ton, with a month - on - month decrease of 30 yuan/ton; the total number of warehouse receipts for butadiene rubber in warehouses was 7,120 tons, with a month - on - month decrease of 60 tons. [2] Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical, Daqing Petrochemical, and Maoming Petrochemical was in the range of 12,150 - 12,200 yuan/ton, with a month - on - month increase of 300 - 350 yuan/ton. [2] - The basis of synthetic rubber was 420 yuan/ton, with a month - on - month increase of 525 yuan/ton. [2] Upstream Situation - Brent crude oil was 66.63 US dollars/barrel, with a month - on - month increase of 1.67 US dollars/barrel; WTI crude oil was 63.67 US dollars/barrel, with a month - on - month increase of 1.72 US dollars/barrel. [2] - The price of Northeast Asian ethylene was 780 US dollars/ton, with no month - on - month change; the price of naphtha CFR Japan was 575.5 US dollars/ton, with a month - on - month increase of 6.5 US dollars/ton. [2] - The intermediate price of butadiene CFR China was 1,050 US dollars/ton, with a month - on - month increase of 20 US dollars/ton; the mainstream price of butadiene in the Shandong market was 10,600 yuan/ton, with a month - on - month increase of 600 yuan/ton. [2] - The weekly production capacity of butadiene was 14.78 million tons/week, with no month - on - month change; the capacity utilization rate of butadiene was 69.35%, with a month - on - month increase of 0.49 percentage points. [2] - The port inventory of butadiene was 36,900 tons, with a month - on - month increase of 400 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation was 48.5%, with no month - on - month change. [2] - The monthly output of cis - butadiene rubber was 128,300 tons, with a month - on - month increase of 16,500 tons; the weekly capacity utilization rate of cis - butadiene rubber was 74.74%, with a month - on - month increase of 2.86 percentage points. [2] - The weekly production profit of cis - butadiene rubber was - 173 yuan/ton, with no month - on - month change; the social inventory of cis - butadiene rubber was 33,600 tons, with a month - on - month increase of 1,300 tons. [2] - The manufacturer's inventory of cis - butadiene rubber was 27,650 tons, with a month - on - month increase of 800 tons; the trader's inventory of cis - butadiene rubber was 5,900 tons, with a month - on - month increase of 800 tons. [2] Downstream Situation - The monthly output of all - steel tires was 3.09 million pieces; the monthly output of semi - steel tires was 59.66 million pieces, with a month - on - month increase of 11.56 million pieces. [2] - The inventory days of all - steel tires in Shandong were 42.52 days, with a month - on - month decrease of 0.56 days; the inventory days of semi - steel tires in Shandong were 45.09 days, with a month - on - month decrease of 0.82 days. [2] Industry News - As of May 8, the inventory of high - cis cis - butadiene rubber sample enterprises in China was 33,600 tons, a month - on - month increase of 5.01%. During the May Day holiday, the inventory of some production enterprises increased, and some traders replenished their stocks moderately, but the pressure to sell goods after the holiday remained. [2] - As of May 8, the capacity utilization rate of semi - steel tire sample enterprises in China was 46.71%, a month - on - month decrease of 19.98 percentage points and a year - on - year decrease of 32.14 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 41.69%, a month - on - month decrease of 17.85 percentage points and a year - on - year decrease of 9.89 percentage points. Some tire enterprises arranged maintenance, dragging down the overall capacity utilization rate, and most enterprises resumed production around May 6. [2]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - This week, the spot price of domestic butadiene rubber fluctuated within a narrow range, and the ex - factory price of high - cis butadiene rubber remained stable. Recently, the supply of domestic raw materials is abundant, prices are weakening, and cost support is insufficient. The inventory of butadiene rubber production enterprises has increased slightly, and the inventory of trading enterprises has generally declined. After the restart of some private plants in North and East China next week, production will increase, and the inventory level of enterprises may continue to rise. The capacity utilization rate of domestic tire enterprises has decreased, and the sales pressure of semi - steel tire enterprises has increased. The br2506 contract is recommended to be traded in the range of 10,500 - 11,500 [7] 3. Summary According to the Directory 3.1 Week - on - Week Summary - **Market Review**: This week, the spot price of domestic butadiene rubber fluctuated within a narrow range, and as of April 24, 2025, the mainstream ex - factory price of high - cis butadiene rubber in China was 11,700 - 11,800 yuan/ton [7] - **Market Outlook**: Recently, the supply of domestic raw materials is abundant, prices are weakening, and cost support is insufficient. The inventory of butadiene rubber production enterprises has increased slightly, and the inventory of trading enterprises has generally declined. After the restart of some private plants in North and East China next week, production will increase, and the inventory level of enterprises may continue to rise. The capacity utilization rate of domestic tire enterprises has decreased, and the sales pressure of semi - steel tire enterprises has increased [7] - **Strategy Recommendation**: The br2506 contract is recommended to be traded in the range of 10,500 - 11,500 [7] 3.2 Futures and Spot Markets 3.2.1 Futures Market - **Price Movement**: The price of the synthetic rubber futures main contract fluctuated and closed up this week, with a weekly increase of 3.56% [11] - **Position Analysis**: Not elaborated in detail in the text - **Inter - delivery Spread**: As of April 25, the 5 - 6 spread of butadiene rubber was - 65 [19] - **Warehouse Receipts**: As of April 25, the butadiene rubber warehouse receipts were 7,520 tons, a decrease of 1,100 tons from last week [22] 3.2.2 Spot Market - **Spot Price**: As of April 24, the price of Qilu Petrochemical BR9000 in the Shandong market was 11,700 yuan/ton, an increase of 50 yuan/ton from last week [27] - **Basis**: As of April 24, the basis of butadiene rubber was 465 yuan/ton, a decrease of 70 yuan/ton from last week [27] 3.3 Industry Situation 3.3.1 Upstream - **Naphtha and Ethylene Prices**: As of April 24, the CFR mid - price of naphtha in Japan was reported at 582 US dollars/ton, an increase of 15 US dollars/ton from last week; the CIF mid - price of Northeast Asian ethylene was reported at 790 US dollars/ton, unchanged from last week [30] - **Butadiene Capacity Utilization and Port Inventory**: As of April 24, the weekly capacity utilization rate of butadiene was 70.75%, a decrease of 3.33% from last week. As of April 25, the butadiene port inventory was 34,800 tons, a decrease of 800 tons from last week [34] 3.3.2 Industry - **Production and Capacity Utilization**: In March 2025, the domestic butadiene rubber production was 128,300 tons, an increase of 16,500 tons from the previous month. As of April 24, the weekly capacity utilization rate of domestic butadiene rubber was 67.17%, an increase of 4.41% from last week [38] - **Production Profit**: As of April 24, the domestic butadiene rubber production profit was 136 yuan/ton, an increase of 515 yuan/ton from last week [41] - **Inventory**: As of April 23, the domestic butadiene rubber social inventory was 32,300 tons, an increase of 400 tons from last week. As of April 25, the domestic butadiene rubber manufacturer inventory was 28,640 tons, an increase of 930 tons from last week; the trader inventory was 3,610 tons, a decrease of 760 tons from last week [44] 3.3.3 Downstream - **Tire Capacity Utilization**: As of April 24, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.36%, a month - on - month decrease of 1.84 percentage points and a year - on - year decrease of 8.38 percentage points; the capacity utilization rate of Chinese full - steel tire sample enterprises was 65.79%, a month - on - month decrease of 1.65 percentage points and a year - on - year decrease of 3.84 percentage points [47] - **Tire Exports**: In March 2025, China's tire exports were 750,400 tons, a month - on - month increase of 45.39% and a year - on - year increase of 9.94%. From January to March, China's cumulative tire exports were 1,948,700 tons, a cumulative year - on - year increase of 5.97% [50] 3.4 Options Market Analysis - Not mentioned in the report