Report Industry Investment Rating - No relevant information provided Core Viewpoints - In the current period, with sufficient supply of raw material butadiene and a continuous decline in negotiation prices, the cost side has been dragging down negatively. Both the inventories of production enterprises and sample trading enterprises have decreased. Some devices will restart this week, and supply is expected to increase slightly. However, due to the expected increase in domestic future supply, the cost side of butadiene rubber remains weak. The situation of firm price - pressing by downstream terminals is difficult to change, and the inventories of production and trading enterprises may increase slightly. In terms of demand, last week, the production scheduling of domestic tire maintenance enterprises returned to the normal level, driving a slight increase in overall capacity utilization. Most enterprises' devices are operating stably this week, and it is heard that an individual enterprise has a maintenance plan in the middle of the month, which may drag down the overall capacity utilization. The short - term fluctuation range of the br2601 contract is expected to be between 10,000 - 10,500 [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract of synthetic rubber is 10,275 yuan/ton, with a month - on - month increase of 85; the position of the main contract is 83,698, with a month - on - month decrease of 1,988. The 12 - 1 spread of synthetic rubber is 70 yuan/ton, with a month - on - month increase of 5; the total warehouse receipt quantity of butadiene rubber in warehouses is 2,990 tons, with no change [2] Spot Market - The mainstream price of BR9000 butadiene rubber from Qilu Petrochemical in Shandong is 10,300 yuan/ton, with no change; that from Daqing Petrochemical in Shandong is 10,300 yuan/ton, with no change; that from Daqing Petrochemical in Shanghai is 10,350 yuan/ton, with no change; that from Maoming Petrochemical in Guangdong is 10,650 yuan/ton, with no change. The basis of synthetic rubber is 75 yuan/ton, with a month - on - month decrease of 85. Brent crude oil is 63.63 US dollars/barrel, with a month - on - month increase of 0.25; naphtha CFR Japan is 581.75 US dollars/ton, with a month - on - month increase of 6; the price of Northeast Asian ethylene is 740 US dollars/ton, with no change; the intermediate price of butadiene CFR China is 790 US dollars/ton, with a month - on - month decrease of 10; WTI crude oil is 59.75 US dollars/barrel, with a month - on - month increase of 0.32; the mainstream price of butadiene in the Shandong market is 7,000 yuan/ton, with a month - on - month decrease of 50 [2] Upstream Situation - The weekly capacity of butadiene is 155,300 tons/week, with a month - on - month decrease of 100 tons; the capacity utilization rate is 70.32%, with a month - on - month increase of 3.26 percentage points. The port inventory of butadiene is 29,800 tons, with a month - on - month decrease of 2,200 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation units is 52.45%, with a month - on - month increase of 0.15 percentage points. The monthly output of butadiene rubber is 130,400 tons, with a month - on - month decrease of 5,300 tons; the weekly capacity utilization rate is 65.85%, with a month - on - month decrease of 1.1 percentage points. The weekly production profit of butadiene rubber is 539 yuan/ton, with a month - on - month increase of 118; the weekly social inventory is 29,300 tons, with a month - on - month decrease of 1,600 tons; the weekly manufacturer inventory is 25,770 tons, with a month - on - month decrease of 1,430 tons; the weekly trader inventory is 3,520 tons, with a month - on - month decrease of 160 tons [2] Downstream Situation - The operating rate of domestic semi - steel tires is 73.67%, with a month - on - month increase of 0.26 percentage points; the operating rate of domestic all - steel tires is 65.46%, with a month - on - month increase of 0.12 percentage points. The monthly output of all - steel tires is 13.14 million pieces, with a month - on - month increase of 110,000 pieces; the monthly output of semi - steel tires is 60.25 million pieces, with a month - on - month increase of 2.19 million pieces. The inventory days of all - steel tires in Shandong are 39.2 days, with a month - on - month increase of 0.19 days; the inventory days of semi - steel tires in Shandong are 45.05 days, with a month - on - month increase of 0.23 days [2] Industry News - As of November 6, the capacity utilization rate of Chinese semi - steel tire sample enterprises is 72.89%, with a month - on - month increase of 0.77 percentage points and a year - on - year decrease of 7.03 percentage points; the capacity utilization rate of all - steel tire sample enterprises is 65.37%, with a month - on - month increase of 0.03 percentage points and a year - on - year increase of 6.51 percentage points. In October 2025, the domestic output of butadiene rubber was 137,600 tons, a month - on - month increase of 7,200 tons, a month - on - month increase of 5.52%, and a year - on - year increase of 24.07%. The capacity utilization rate in October was 71.39%, an increase of 1.46 percentage points from the previous period and an increase of 10.93 percentage points from the same period last year. The output and capacity utilization rate of butadiene rubber declined slightly in October. As of November 6, the domestic inventory of butadiene rubber was 29,300 tons, a decrease of 1,600 tons from the previous period, a month - on - month decrease of 5.15% [2]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - Short - term raw material prices are expected to remain bearish, leading to a significant price difference between private and state - owned resources. Downstream buyers may wait for price drops. Production enterprise inventories are expected to continue to decline, while trade enterprise inventories may slightly increase [2]. - Last week, the capacity utilization rate of domestic tire enterprises decreased slightly. Most enterprises will maintain current production schedules in the short term, and the resumption of production by maintenance enterprises will drive a slight increase in capacity utilization. The br2601 contract is expected to fluctuate in the range of 10,000 - 10,500 yuan/ton [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main synthetic rubber contract was 10,205 yuan/ton, a decrease of 155 yuan/ton. The main contract's open interest was 35,870, a decrease of 1,926. The synthetic rubber 12 - 1 spread was 90 yuan/ton, an increase of 25 yuan/ton. The total warehouse receipts of butadiene rubber were 3,010 tons, unchanged [2]. 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from different manufacturers in various regions decreased. The basis of synthetic rubber was 340 yuan/ton, an increase of 125 yuan/ton. Brent crude oil was at $64.89 per barrel, a decrease of $0.18; WTI crude oil was at $61.05 per barrel, an increase of $0.07. The price of Northeast Asian ethylene was $740 per ton, unchanged; the price of naphtha CFR Japan was $582.38 per ton, an increase of $1.88; the price of butadiene CFR China was $850 per ton, unchanged; the mainstream price of butadiene in the Shandong market was 7,195 yuan/ton, a decrease of 255 yuan/ton [2]. 3.3 Upstream Situation - The weekly capacity of butadiene was 15.54 million tons/week, an increase of 0.01 million tons/week. The capacity utilization rate of butadiene was 67.06%, an increase of 1.44 percentage points. The port inventory of butadiene was 32,000 tons, an increase of 7,400 tons. The operating rate of Shandong refineries' atmospheric and vacuum distillation units was 52.3%, an increase of 2.26 percentage points [2]. - The monthly output of cis - butadiene rubber was 13.04 million tons, a decrease of 0.53 million tons. The weekly capacity utilization rate of cis - butadiene rubber was 66.95%, a decrease of 6.5 percentage points. The weekly production profit of cis - butadiene rubber was 421 yuan/ton, an increase of 625 yuan/ton. The weekly social inventory of cis - butadiene rubber was 3.09 million tons, a decrease of 0.23 million tons. The weekly manufacturer inventory of cis - butadiene rubber was 27,200 tons, a decrease of 1,450 tons; the weekly trader inventory was 3,680 tons, a decrease of 840 tons [2]. 3.4 Downstream Situation - The operating rate of domestic semi - steel tires was 73.41%, a decrease of 0.26 percentage points; the operating rate of domestic all - steel tires was 65.34%, a decrease of 0.24 percentage points. The monthly output of all - steel tires was 13.14 million pieces, an increase of 110,000 pieces; the monthly output of semi - steel tires was 60.25 million pieces, an increase of 2.19 million pieces. The inventory days of all - steel tires in Shandong were 39.01 days, a decrease of 1.33 days; the inventory days of semi - steel tires in Shandong were 44.82 days, a decrease of 0.44 days [2]. 3.5 Industry News - As of October 30, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.12%, a decrease of 0.72 percentage points month - on - month and 7.61 percentage points year - on - year; the capacity utilization rate of Chinese all - steel tire sample enterprises was 65.34%, a decrease of 0.53 percentage points month - on - month and an increase of 6.15 percentage points year - on - year [2]. - In October 2025, the domestic cis - butadiene rubber output was 13.76 million tons, an increase of 0.72 million tons month - on - month (5.52%) and 24.07% year - on - year. The capacity utilization rate was 71.39%, an increase of 1.46 percentage points from the previous period and 10.93 percentage points from the same period last year. Recently, the output and capacity utilization rate have slightly declined [2]. - As of October 30, the domestic cis - butadiene rubber inventory was 3.09 million tons, a decrease of 0.23 million tons from the previous period (6.90%) [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic production of synthetic rubber has increased due to the restart of previously overhauled devices, and the recent strengthening of natural rubber has led to a callback in the mainstream supply price and better low - price transactions. However, more domestic butadiene rubber devices are under maintenance, and the inventory level of production enterprises continues to rise while that of trading enterprises decreases. In the short term, more maintenance of domestic butadiene rubber devices is expected, which may lead to a decline in production and capacity utilization. Considering the weak raw material end, it is expected that the inventory of production enterprises will decrease and that of trading enterprises will increase [2]. - In terms of demand, the capacity utilization rate of sample enterprises has significantly increased as most enterprises have resumed production after the holiday, but the overall market performance has not improved significantly. Some enterprises are still in a state of flexible production control to control inventory growth. It is expected that the operation of enterprise devices will be stable in the short term. The BR2512 contract is expected to fluctuate in the range of 10,800 - 11,300 in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract for synthetic rubber is 11,120 yuan/ton, and the position volume of the main contract is 69,872, with a decrease of 2,100. The 12 - 1 spread of synthetic rubber is 25 yuan/ton, and the total warehouse receipt quantity of butadiene rubber is 3,050 tons [2]. - The mainstream prices of butadiene rubber from different manufacturers are stable, with prices such as 11,100 yuan/ton and 11,050 yuan/ton. The basis of synthetic rubber is - 170 yuan/ton [2]. Spot Market - The price of Brent crude oil is 62.59 US dollars/barrel, with an increase of 1.27; the price of naphtha CFR Japan is 551.5 US dollars/ton, with an increase of 11.5; the price of Northeast Asian ethylene is 780 US dollars/ton; the intermediate price of butadiene CFR China is 970 US dollars/ton, with an increase of 1.26; the market price of butadiene in Shandong is 8,500 yuan/ton, with a decrease of 100; the price of WTI crude oil is 58.5 US dollars/barrel, with a decrease of 5 [2]. Upstream Situation - The weekly production capacity of butadiene is 15.53 million tons, with a decrease of 0.01; the capacity utilization rate is 65.79%, with a decrease of 1.58; the port inventory of butadiene is 30,800 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 50.04%, with a decrease of 0.24 [2]. - The monthly output of butadiene rubber is 13.04 million tons, with a decrease of 0.53; the weekly capacity utilization rate is 74.82%, with an increase of 8.41; the weekly production profit is 184 yuan/ton; the social inventory is 3.28 million tons, with an increase of 0.05; the manufacturer's inventory is 1,300 tons, and the trader's inventory is 4,860 tons, with a decrease of 840 [2]. Downstream Situation - The operating rate of domestic semi - steel tires is 72.72%, with an increase of 17.46; the operating rate of full - steel tires is 64.52%, with an increase of 13.65. The monthly output of full - steel tires is 1,314 million pieces, with an increase of 11; the monthly output of semi - steel tires is 6,025 million pieces, with an increase of 219 [2]. - The inventory days of full - steel tires in Shandong are 39.95 days, with a decrease of 0.53; the inventory days of semi - steel tires in Shandong are 45.17 days [2]. Industry News - As of October 16, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 71.07%, a month - on - month increase of 28.92 percentage points and a year - on - year decrease of 8.57 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 63.96%, a month - on - month increase of 22.43 percentage points and a year - on - year increase of 4.98 percentage points. Most enterprises' capacity utilization rates have returned to pre - holiday levels [2]. - In September 2025, the sales volume of China's heavy - truck market was about 105,000 vehicles (wholesale caliber), a month - on - month increase of 15% compared with August and a year - on - year increase of about 82%. From January to September, the cumulative sales volume exceeded 800,000 vehicles, reaching 821,000 vehicles, a year - on - year increase of about 20% [2]. - As of October 22, the inventory of domestic butadiene rubber was 33,200 tons, an increase of 400 tons compared with the previous period, a month - on - month increase of 1.25%. The inventory level of production enterprises continued to rise, and that of trading enterprises decreased [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The overall supply of domestic butadiene rubber is sufficient, with production resuming and increasing. The cost and supply side lack positive drivers, and some industry players are waiting to see if the ex - factory prices of Sinopec and PetroChina resources will be lowered. The inventory of production enterprises has slightly increased, while that of trading enterprises has decreased. Near the National Day holiday, the overall inventory level of enterprises is expected to decline slightly. In terms of demand, tire enterprises mostly maintained their previous operating levels last week, with overall operating rates slightly adjusted. Some small - scale semi - steel tire sample enterprises entered the National Day holiday maintenance period in advance due to insufficient orders, which will drag down the tire enterprises' capacity utilization rate this week. During the National Day holiday, attention should be paid to the price fluctuations of crude oil and butadiene on the cost side [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract for synthetic rubber was 11,100 yuan/ton, a decrease of 240 yuan/ton compared to the previous period. The position volume of the main contract was 33,214, a decrease of 5,336. The 10 - 11 spread of synthetic rubber was 250 yuan/ton, an increase of 215 yuan/ton. The total number of warehouse receipts for butadiene rubber in warehouses was 2,770 tons, an increase of 100 tons [2] 3.2 Spot Market - The mainstream price of BR9000 butadiene rubber from Qilu Petrochemical in Shandong was 11,450 yuan/ton, a decrease of 100 yuan/ton; from Daqing Petrochemical in Shandong was 11,400 yuan/ton, a decrease of 50 yuan/ton; from Daqing Petrochemical in Shanghai was 11,500 yuan/ton, a decrease of 50 yuan/ton; from Maoming Petrochemical in Guangdong was 11,550 yuan/ton, a decrease of 50 yuan/ton. The basis of synthetic rubber was 110 yuan/ton, a decrease of 10 yuan/ton [2] 3.3 Upstream Situation - The current - week production capacity of butadiene was 155,400 tons/week, an increase of 4,300 tons/week. The current - week capacity utilization rate of butadiene was 66.3%, a decrease of 0.48 percentage points. The port inventory of butadiene at the end of the week was 27,750 tons, an increase of 4,650 tons. The operating rate of Shandong local refineries' atmospheric and vacuum distillation units was 53.49%, an increase of 1.64 percentage points [2] 3.4 Downstream Situation - The current - month production of butadiene rubber was 135,700 tons, an increase of 6,500 tons. The current - week capacity utilization rate of butadiene rubber was 66.41%, a decrease of 3.31 percentage points. The current - week production profit of butadiene rubber was - 544 yuan/ton, an increase of 114 yuan/ton. The social inventory of butadiene rubber at the end of the week was 32,300 tons, a decrease of 1,400 tons. The manufacturer inventory of butadiene rubber at the end of the week was 26,600 tons, an increase of 700 tons; the trader inventory was 5,700 tons, a decrease of 2,120 tons [2] 3.5 Industry News - As of September 24, the inventory of domestic butadiene rubber sample enterprises was 32,300 tons, a decrease of 1,400 tons compared to the previous period, a month - on - month decrease of 4.21%. As of September 25, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.64%, a month - on - month decrease of 0.10 percentage points and a year - on - year decrease of 6.95 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 66.39%, a month - on - month increase of 0.03 percentage points and a year - on - year increase of 6.27 percentage points [2] 3.6 Key Points to Watch - There is no news today [2]

Report Title - Synthetic Rubber Industry Daily Report 2025-07-29 [1] Report's Core View - Recently, the support from cost and supply side has loosened, and the trading center of butadiene rubber has been under pressure. After the restart of Yanshan Petrochemical, Jinzhou Petrochemical and Heze Kexin this week, the increase in domestic supply is gradually emerging, and the pressure on spot sales has increased. It is expected that the inventory of production enterprises will tend to increase. In terms of demand, the resumption of production of some unexpectedly overhauled enterprises drove a slight increase in the overall capacity utilization rate of domestic tire enterprises last week. As the end of the month approaches, the overall sales performance of enterprises falls short of expectations, the finished product inventory increases slightly, and the overall order performance is insufficient. Some enterprises may have short-term overhaul plans from the end of July to the beginning of August, and the capacity utilization rate of domestic tire enterprises is expected to decline in the short term. The br2509 contract is expected to fluctuate in the range of 11,650 - 12,200 yuan/ton in the short term [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract of synthetic rubber is 11,835 yuan/ton, a decrease of 120 yuan/ton; the position of the main contract is 41,136 lots, a decrease of 3,967 lots. The price difference between synthetic rubber 9 - 10 is 30 yuan/ton, and the number of warehouse receipts for butadiene rubber is 2,290 tons [2] Spot Market - The mainstream price of butadiene rubber (BR9000, Qilu Petrochemical) in Shandong is 12,150 yuan/ton, a decrease of 200 yuan/ton; the mainstream price of butadiene rubber (BR9000, Daqing Petrochemical) in Shandong is 12,100 yuan/ton, a decrease of 50 yuan/ton; the mainstream price of butadiene rubber (BR9000, Daqing Petrochemical) in Shanghai is 12,100 yuan/ton, a decrease of 50 yuan/ton. The basis of synthetic rubber is 65 yuan/ton [2] Upstream Situation - The price of Brent crude oil is 70.04 US dollars/barrel, a decrease of 1.6 US dollars/barrel; the price of WTI crude oil is 66.71 US dollars/barrel, a decrease of 1.55 US dollars/barrel. The price of naphtha CFR Japan is 820 US dollars/ton, the price of Northeast Asian ethylene is 1,100 US dollars/ton, and the intermediate price of butadiene CFR China is 578.5 US dollars/ton. The capacity of butadiene this week is 14.77 million tons/week, the capacity utilization rate is 70%, an increase of 2.04 percentage points; the port inventory of butadiene is 15,700 tons, a decrease of 4,300 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 48.16%, an increase of 0.85 percentage points [2] Downstream Situation - The production of butadiene rubber this month is 122,500 tons, a decrease of 16,900 tons; the capacity utilization rate this week is 67.63%, an increase of 2.42 percentage points; the production profit this week is -440 yuan/ton; the social inventory is 32,300 tons, unchanged; the manufacturer's inventory is 24,850 tons, a decrease of 800 tons; the trader's inventory is 7,470 tons, an increase of 870 tons. The operating rate of domestic semi-steel tires is 75.87%, a decrease of 0.12 percentage points; the operating rate of domestic all-steel tires is 65.02%, a decrease of 0.08 percentage points. The production of all-steel tires this month is 12.62 million pieces, an increase of 800,000 pieces; the production of semi-steel tires this month is 55.23 million pieces, an increase of 1.08 million pieces. The inventory days of all-steel tires in Shandong are 40.95 days, an increase of 0.1 days; the inventory days of semi-steel tires in Shandong are 46.55 days, an increase of 0.37 days [2] Industry News - As of July 23, the inventory of high-cis butadiene rubber sample enterprises in China was 32,300 tons, a slight increase from the previous period, with a month-on-month increase of 0.22%. As of July 24, the capacity utilization rate of semi-steel tire sample enterprises in China was 70.06%, a month-on-month increase of 1.93 percentage points and a year-on-year decrease of 10.06 percentage points; the capacity utilization rate of all-steel tire sample enterprises in China was 62.23%, a month-on-month increase of 0.25 percentage points and a year-on-year increase of 3.98 percentage points. In June 2025, China's butadiene rubber export volume was 29,748.90 tons, a month-on-month increase of 5.99%; from January to June 2025, the total export volume was 152,812.3 tons, an increase of 35,992.05 tons compared with the same period last year, a year-on-year increase of 30.81%. In June 2025, China's butadiene rubber import volume was 19,183.53 tons, a month-on-month decrease of 20.38%; from January to June 2025, the total import volume was 138,619.08 tons, an increase of 2,537.53 tons compared with the same period last year, a year-on-year increase of 1.86% [2] Key Points to Focus On - There is no news today [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - After the geopolitical situation in the Middle East eases, the crude oil market weakens significantly, the butadiene market fluctuates slightly, and the cost - side support for cis - butadiene rubber is insufficient. The spot trading pressure persists, and there are still expectations of a slight increase in the inventory of production and trading enterprises. The capacity utilization rate of domestic tire enterprises fluctuates. The br2508 contract is expected to fluctuate in the range of 10,800 - 11,500 yuan/ton in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of synthetic rubber is 11,250 yuan/ton, a decrease of 25 yuan/ton; the position of the main contract is 28,291, a decrease of 5,181. The 8 - 9 spread of synthetic rubber is 110 yuan/ton, an increase of 10 yuan/ton; the total warehouse receipt quantity of butadiene rubber is 700 tons, with no change [2]. Spot Market - The mainstream prices of BR9000 cis - butadiene rubber from Qilu Petrochemical, Daqing Petrochemical, and Maoming Petrochemical in Shandong and Shanghai remain unchanged. The basis of synthetic rubber is - 25 yuan/ton. Brent crude oil is at 67.77 US dollars/barrel, an increase of 0.04 US dollars/barrel; naphtha CFR Japan is at 569.75 US dollars/ton, an increase of 1 US dollar/ton; Northeast Asian ethylene price is 850 US dollars/ton, with no change; the intermediate price of butadiene CFR China is 1,090 US dollars/ton, an increase of 0.28 US dollars/ton; the mainstream price of butadiene in the Shandong market is 9,325 yuan/ton, an increase of 75 yuan/ton; WTI crude oil is at 65.52 US dollars/barrel [2]. Upstream Situation - The weekly capacity of butadiene is 14.78 million tons, an increase of 0.01 million tons; the weekly capacity utilization rate is 69.75%, a decrease of 0.31 percentage points. The port inventory of butadiene at the end of the week is 27,450 tons, a decrease of 950 tons; the daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 45.02%, an increase of 0.07 percentage points. The monthly output of cis - butadiene rubber is 13.94 million tons, an increase of 1.79 million tons; the weekly capacity utilization rate is 68.54%, an increase of 2.22 percentage points. The weekly production profit of cis - butadiene rubber is - 578 yuan/ton, a decrease of 1,165 yuan/ton; the social inventory at the end of the week is 3.41 million tons, an increase of 0.07 million tons; the manufacturer's inventory at the end of the week is 27,650 tons, an increase of 700 tons; the trader's inventory at the end of the week is 6,370 tons, a decrease of 450 tons [2]. Downstream Situation - The weekly operating rate of domestic semi - steel tires is 78.05%, a decrease of 0.24 percentage points; the weekly operating rate of full - steel tires is 65.64%, an increase of 0.16 percentage points. The monthly output of full - steel tires is 1,182 million pieces, a decrease of 126 million pieces; the monthly output of semi - steel tires is 5,415 million pieces, a decrease of 124 million pieces. The inventory days of full - steel tires in Shandong at the end of the week is 41.93 days, an increase of 0.04 days; the inventory days of semi - steel tires in Shandong at the end of the week is 48.15 days, an increase of 0.73 days [2]. Industry News - As of June 26, the inventory of high - cis cis - butadiene rubber sample enterprises in China is 3.41 million tons, a month - on - month increase of 0.04 million tons and 1.34%. The capacity utilization rate of semi - steel tire sample enterprises in China is 70.40%, a month - on - month decrease of 1.14 percentage points and a year - on - year decrease of 9.61 percentage points; the capacity utilization rate of full - steel tire sample enterprises is 62.23%, a month - on - month increase of 0.84 percentage points and a year - on - year decrease of 0.32 percentage points. In May 2025, China's heavy - truck market sold about 83,000 vehicles (wholesale, including exports and new energy), a month - on - month decrease of 5% and a year - on - year increase of about 6%. From January to May 2025, the cumulative sales of China's heavy - truck market is about 435,500 vehicles, a year - on - year increase of about 1% [2]. Key Points to Watch - No news today [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Recent raw material butadiene prices have been rising due to strong demand and unexpected shutdowns of some devices, significantly increasing the production cost of butadiene rubber. Although most enterprises' production scheduling has gradually stabilized and improved compared to last week, individual enterprises have slightly reduced production to control inventory growth. Most private butadiene rubber plants in North China have reduced their loads to varying degrees, but the downstream's wait - and - see attitude has led to continuous shipment pressure and poor overall transaction follow - up. Last week, the inventories of production enterprises and sample trading enterprises increased. It is expected that the inventory of trading enterprises will decrease in the short term. In terms of demand, the capacity utilization rate of domestic tire enterprises continued to increase last week, but the production scheduling adjustment of individual enterprises limited the increase in overall capacity utilization, and a few enterprises have maintenance plans at the end of the month, which may drag down the overall capacity utilization. The br2507 contract should pay short - term attention to the support around 11,500, and it is recommended to wait and see for now [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract for synthetic rubber is 11,545 yuan/ton, a decrease of 205 yuan/ton; the position of the main contract is 52,885, a decrease of 17,086; the 6 - 7 spread of synthetic rubber is - 65 yuan/ton, an increase of 20 yuan/ton; the total number of warehouse receipts for butadiene rubber in warehouses is 6,750 tons, a decrease of 40 tons [2] 3.2 Spot Market - The mainstream price of BR9000 butadiene rubber from Qilu Petrochemical in Shandong is 12,050 yuan/ton, a decrease of 150 yuan/ton; from Daqing Petrochemical in Shandong is 12,000 yuan/ton, a decrease of 200 yuan/ton; from Daqing Petrochemical in Shanghai is 12,000 yuan/ton, a decrease of 200 yuan/ton; from Maoming Petrochemical in Guangdong is 12,050 yuan/ton, a decrease of 200 yuan/ton. The basis of synthetic rubber is 355 yuan/ton, a decrease of 45 yuan/ton. Brent crude oil is 64.78 US dollars/barrel, an increase of 0.34 US dollars/barrel; naphtha CFR Japan is 560.38 US dollars/ton, a decrease of 3 US dollars/ton; Northeast Asian ethylene price is 780 US dollars/ton, unchanged; the intermediate price of butadiene CFR China is 1,190 US dollars/ton, a decrease of 10 US dollars/ton; WTI crude oil is 61.53 US dollars/barrel, an increase of 0.33 US dollars/barrel; the mainstream price of butadiene in Shandong market is 10,650 yuan/ton, a decrease of 250 yuan/ton [2] 3.3 Upstream Situation - The weekly production capacity of butadiene is 147,800 tons, unchanged; the capacity utilization rate of butadiene is 67.73%, a decrease of 0.29 percentage points; the port inventory of butadiene is 28,200 tons, a decrease of 2,670 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 47.28%, unchanged. The monthly output of butadiene rubber is 128,300 tons, an increase of 16,500 tons; the capacity utilization rate of butadiene rubber is 75.57%, a decrease of 3.63 percentage points; the production profit of butadiene rubber is - 615 yuan/ton, an increase of 618 yuan/ton; the social inventory of butadiene rubber is 32,800 tons, an increase of 600 tons; the manufacturer's inventory of butadiene rubber is 27,000 tons, an increase of 350 tons; the trader's inventory of butadiene rubber is 5,800 tons, an increase of 330 tons [2] 3.4 Downstream Situation - The operating rate of domestic semi - steel tires is 78.22%, a decrease of 0.11 percentage points; the operating rate of domestic all - steel tires is 64.96%, a decrease of 0.13 percentage points. The monthly output of all - steel tires is 13.69 million pieces, an increase of 3.09 million pieces; the monthly output of semi - steel tires is 59.66 million pieces, an increase of 11.56 million pieces. The inventory days of all - steel tires in Shandong are 42.86 days, an increase of 0.09 days; the inventory days of semi - steel tires in Shandong are 47 days, an increase of 1.22 days [2] 3.5 Industry News - As of May 22, the inventory of high - cis butadiene rubber sample enterprises in China is 32,800 tons, an increase of 700 tons from the previous period, a month - on - month increase of 2.12%. The capacity utilization rate of Chinese semi - steel tire sample enterprises is 73.74%, a month - on - month increase of 2.53 percentage points, a year - on - year decrease of 6.35 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises is 62.09%, a month - on - month increase of 2.21 percentage points, a year - on - year decrease of 4.11 percentage points [2] 3.6 Key Points to Watch - There is no news today [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Recently, the price of raw material butadiene has been rising due to strong demand and unexpected shutdown of some plants, significantly increasing the production cost of butadiene rubber. Driven by macro - positive news, the spot market price has strengthened, and the inventories of production and trading enterprises have decreased to varying degrees. However, some private butadiene rubber plants are expected to restart, increasing supply. - Last week, the capacity utilization rate of domestic tire enterprises increased significantly. Most semi - steel tire enterprises have returned to normal levels, but overall sales are slow, and inventory continues to grow. The capacity utilization rate of all - steel tires is in a restorative growth trend, but some enterprises face increased sales pressure, with continued growth in finished product inventory, insufficient orders, and overall production scheduling lower than the pre - holiday average. - The BR2507 contract is expected to fluctuate in the range of 12,000 - 12,700 in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 12,240 yuan/ton, up 80 yuan; the position of the main contract is 19,529, down 958; the 6 - 7 spread of synthetic rubber is - 80 yuan/ton, down 5 yuan; the total warehouse receipt quantity of butadiene rubber is 6,680 tons, down 300 tons [2]. 3.2 Spot Market - The mainstream price of BR9000 from Qilu Petrochemical in Shandong is 12,500 yuan/ton, down 50 yuan; from Daqing Petrochemical in Shandong is 12,500 yuan/ton, down 50 yuan; from Daqing Petrochemical in Shanghai is 12,500 yuan/ton, unchanged; from Maoming Petrochemical in Guangdong is 12,600 yuan/ton, unchanged. The basis of synthetic rubber is 260 yuan/ton, down 130 yuan [2]. 3.3 Upstream Situation - The price of Brent crude oil is 65.41 US dollars/barrel, up 0.88 US dollars; WTI crude oil is 62.49 US dollars/barrel, up 0.87 US dollars; the price of naphtha CFR Japan is 565.38 US dollars/ton, down 6.62 US dollars; the price of Northeast Asian ethylene is 780 US dollars/ton, unchanged; the price of butadiene CFR China is 1220 US dollars/ton, unchanged; the mainstream price of butadiene in Shandong market is 11,350 yuan/ton, down 50 yuan [2]. - The weekly capacity of butadiene is 14.78 million tons, unchanged; the capacity utilization rate is 68.02%, down 1.33 percentage points; the port inventory of butadiene is 30,870 tons, down 6,030 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 47.28%, down 1.22 percentage points [2]. 3.4 Downstream Situation - The monthly output of butadiene rubber is 128,300 tons, up 16,500 tons; the weekly capacity utilization rate is 79.2%, up 4.46 percentage points; the weekly production profit is - 1,233 yuan/ton, down 1,060 yuan; the social inventory is 32,200 tons, down 1,400 tons; the manufacturer's inventory is 26,650 tons, down 1,000 tons; the trader's inventory is 5,470 tons, down 430 tons [2]. - The weekly operating rate of domestic semi - steel tires is 78.33%, up 19.98 percentage points; the operating rate of all - steel tires is 65.09%, up 20.32 percentage points; the monthly output of all - steel tires is 13.69 million pieces, up 3.09 million pieces; the monthly output of semi - steel tires is 59.66 million pieces, up 11.56 million pieces; the inventory days of all - steel tires in Shandong is 42.77 days, up 0.25 days; the inventory days of semi - steel tires in Shandong is 45.78 days, up 0.69 days [2]. 3.5 Industry News - As of May 15, the inventory of high - cis butadiene rubber sample enterprises in China was 32,100 tons, a decrease of 1,400 tons from the previous period, a month - on - month decrease of 4.26%. - As of May 15, the capacity utilization rate of semi - steel tire sample enterprises in China was 71.21%, a month - on - month increase of 24.50 percentage points and a year - on - year decrease of 7.98 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 59.88%, a month - on - month increase of 18.19 percentage points and a year - on - year decrease of 5.40 percentage points. - In April 2025, China's heavy - truck market sold about 90,000 vehicles (wholesale, including exports and new energy), a month - on - month decrease of 19% from March and a year - on - year increase of about 9.4%. From January to April, the cumulative sales volume was about 355,000 vehicles, showing a year - on - year flat [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - Recent raw material butadiene prices have been rising due to strong demand and unexpected shutdowns of some plants, significantly increasing the production cost of butadiene rubber. Driven by macro - positive news, the spot market price has strengthened, and the inventories of production and trading enterprises have decreased to varying degrees. However, some private butadiene rubber plants are expected to restart, increasing supply. In terms of demand, the capacity utilization rate of domestic tire enterprises decreased significantly last week, and some enterprises had 2 - 5 days of maintenance, dragging down the overall capacity utilization rate. The short - term capacity utilization rate is expected to gradually recover. The BR2507 contract is expected to fluctuate in the range of 11,800 - 12,700 in the short term [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main contract for synthetic rubber is 12,260 yuan/ton, a decrease of 120 yuan/ton; the main contract position is 22,783, a decrease of 3,722. The synthetic rubber 6 - 7 spread is - 95 yuan/ton, an increase of 105 yuan/ton; the total warehouse receipt quantity of butadiene rubber is 7,320 tons, an increase of 200 tons [2] Spot Market - The mainstream price of BR9000 from Qilu Petrochemical in Shandong is 12,800 yuan/ton, an increase of 650 yuan/ton; from Daqing Petrochemical in Shandong is 12,650 yuan/ton, an increase of 500 yuan/ton; in Shanghai is 12,750 yuan/ton, an increase of 600 yuan/ton; from Maoming Petrochemical in Guangdong is 12,800 yuan/ton, an increase of 600 yuan/ton. The basis of synthetic rubber is 340 yuan/ton, a decrease of 80 yuan/ton. Brent crude oil is 66.09 US dollars/barrel, a decrease of 0.54 US dollars/barrel; naphtha CFR Japan is 590 US dollars/ton, an increase of 14.5 US dollars/ton. The Northeast Asian ethylene price is 780 US dollars/ton, unchanged; the CFR China butadiene price is 1070 US dollars/ton. WTI crude oil is 63.15 US dollars/barrel, a decrease of 0.52 US dollars/barrel; the mainstream price of butadiene in the Shandong market is 11,600 yuan/ton, an increase of 1,000 yuan/ton [2] Upstream Situation - The weekly butadiene production capacity is 147,800 tons, unchanged; the capacity utilization rate is 69.35%, an increase of 0.49 percentage points. The port inventory of butadiene is 36,900 tons, an increase of 400 tons; the operating rate of Shandong refineries' atmospheric and vacuum distillation units is 48.5%, unchanged. The monthly output of butadiene rubber is 128,300 tons, an increase of 16,500 tons; the weekly capacity utilization rate is 74.74%, an increase of 2.86 percentage points. The weekly production profit of butadiene rubber is - 173 yuan/ton, unchanged. The social inventory of butadiene rubber is 33,600 tons, an increase of 1,300 tons; the manufacturer's inventory is 27,650 tons, an increase of 800 tons; the trader's inventory is 5,900 tons, an increase of 800 tons [2] Downstream Situation - The operating rate of domestic semi - steel tires is 58.35%, a decrease of 14.08 percentage points; the operating rate of full - steel tires is 44.77%, a decrease of 11.47 percentage points. The monthly output of full - steel tires is 13.69 million pieces, an increase of 3.09 million pieces; the monthly output of semi - steel tires is 59.66 million pieces, an increase of 11.56 million pieces. The inventory days of full - steel tires in Shandong are 42.52 days, a decrease of 0.56 days; the inventory days of semi - steel tires in Shandong are 45.09 days, a decrease of 0.82 days [2] Industry News - As of May 15, the inventory of high - cis butadiene rubber sample enterprises in China is 32,100 tons, a decrease of 1,400 tons from the previous period (May 7, 2025), a month - on - month decrease of 4.26%. As of May 8, the capacity utilization rate of semi - steel tire sample enterprises in China is 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 full - steel tire sample enterprises is 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 during the period, dragging down the overall capacity utilization rate, and most maintenance enterprises gradually resumed production around May 6. In April 2025, China's heavy - truck market sold about 90,000 vehicles (wholesale, including exports and new energy), a 19% decrease from March and a 9.4% increase from 82,300 vehicles in the same period last year. From January to April, the cumulative sales of China's heavy - truck market were about 355,000 vehicles, showing a year - on - year flat [2]

Report Overview - Report Date: 2025-05-07 - Report Title: Synthetic Rubber Industry Daily Report 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - Recently, the domestic raw material supply is abundant, prices are weakening, and cost support is insufficient. The overall inventory of butadiene rubber production enterprises has decreased slightly. Under the expectation of increased supply, the trading focus of the spot market is under pressure, with a decrease in production enterprise inventory and an increase in sample trading enterprise inventory. The inventory level is at the mid - year position, and it is expected that the inventory of butadiene rubber enterprises will increase in the short term. In terms of demand, last week, the capacity utilization rate of domestic tire enterprises decreased significantly on a week - on - week basis. This is mainly because some enterprises gradually entered the maintenance or load - reduction operation stage due to the holiday, dragging down the enterprise capacity utilization rate. The capacity utilization rate is expected to gradually recover after the holiday. The short - term trading range for the br2506 contract is recommended to be between 11,000 and 11,800 [2]. 3. Summary by Directory 3.1 Market Data 3.1.1 Futures Market - The closing price of the main synthetic rubber contract is 11,375 yuan/ton, with a week - on - week increase of 60 yuan/ton; the position of the main contract is 25,104, with a week - on - week decrease of 639. The synthetic rubber 6 - 7 spread is - 50 yuan/ton, with a week - on - week increase of 25 yuan/ton. The total warehouse receipt quantity of butadiene rubber in warehouses is 7,470 tons, with a week - on - week increase of 190 tons [2]. 3.1.2 Spot Market - The mainstream price of butadiene rubber (BR9000) from Qilu Petrochemical in Shandong is 11,600 yuan/ton; from Daqing Petrochemical in Shandong is 11,550 yuan/ton; from Daqing Petrochemical in Shanghai is 11,600 yuan/ton; from Maoming Petrochemical in Guangdong is 11,650 yuan/ton, all with no week - on - week change. The basis of synthetic rubber is 275 yuan/ton, with a week - on - week decrease of 10 yuan/ton [2]. 3.1.3 Upstream Situation - Brent crude oil is at 62.15 dollars/barrel, with a week - on - week increase of 1.92 dollars/barrel; WTI crude oil is at 59.09 dollars/barrel, with a week - on - week increase of 1.96 dollars/barrel. The price of Northeast Asian ethylene is 790 dollars/ton, with no week - on - week change; the price of naphtha CFR Japan is 554.75 dollars/ton, with a week - on - week increase of 8.5 dollars/ton; the intermediate price of butadiene CFR China is 1000 dollars/ton, with no week - on - week change; the mainstream price of butadiene in the Shandong market is 9175 yuan/ton, with a week - on - week decrease of 25 yuan/ton. The weekly capacity of butadiene is 14.78 million tons/week, with a week - on - week increase of 0.85 million tons/week; the capacity utilization rate of butadiene is 68.86%, with a week - on - week decrease of 1.89 percentage points. The port inventory of butadiene is 36,500 tons, with a week - on - week increase of 1700 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 48.5%, with a week - on - week increase of 1.39 percentage points. The monthly output of butadiene rubber is 12.83 million tons, with a month - on - month increase of 1.65 million tons; the weekly capacity utilization rate of butadiene rubber is 67.17%, with a week - on - week increase of 4.41 percentage points. The weekly production profit of butadiene rubber is 136 yuan/ton, with a week - on - week increase of 515 yuan/ton; the weekly social inventory of butadiene rubber is 3.23 million tons, with a week - on - week increase of 0.02 million tons [2]. 3.1.4 Downstream Situation - The weekly ending inventory of butadiene rubber in manufacturers is 26,850 tons, with a week - on - week decrease of 1790 tons; the weekly ending inventory of butadiene rubber in traders is 5100 tons, with a week - on - week increase of 1490 tons. The weekly operating rate of domestic semi - steel tires is 72.43%, with a week - on - week decrease of 5.68 percentage points; the weekly operating rate of domestic all - steel tires is 56.24%, with a week - on - week decrease of 6.22 percentage points. The monthly output of all - steel tires is 13.69 million pieces, with a month - on - month increase of 3.09 million pieces; the monthly output of semi - steel tires is 59.66 million pieces, with a month - on - month increase of 11.56 million pieces. The weekly ending inventory days of all - steel tires in Shandong is 43.08 days, with a week - on - week increase of 0.35 days; the weekly ending inventory days of semi - steel tires in Shandong is 45.91 days, with a week - on - week increase of 0.31 days [2]. 3.2 Industry News - As of April 30, according to Longzhong Information statistics, the inventory of high - cis butadiene rubber sample enterprises in China was 32,000 tons, a decrease of 300 tons compared with the previous period (April 23, 2025), a week - on - week decrease of 0.93%. During this period, approaching the Labor Day holiday, some downstream enterprises made appropriate stockpiling of raw materials. The continuous increase of raw material butadiene has slightly alleviated the market's bearish sentiment, but under the influence of the expected increase in supply, the trading focus of the spot market is under pressure. The inventory of sample production enterprises has decreased, and the inventory of sample trading enterprises has increased. As of April 30, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 66.69%, a week - on - week decrease of 5.67 percentage points and a year - on - year decrease of 12.29 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 59.54%, a week - on - week decrease of 6.25 percentage points and a year - on - year increase of 11.74 percentage points [2]. 3.3 Key Points to Watch - There is no news today [2].