Group 1: Report Information - Report title: Synthetic Rubber Morning Report [2] - Report date: December 3, 2025 [3] - Report team: Research Center's Energy and Chemicals Team [3] Group 2: BR Main Contract Data Futures Data - BR main contract (12): Price on December 2 was 10,685, with a daily change of 375 and a weekly change of 325 [4] - Open interest: On December 2, it was 45,603, a daily decrease of 3,201 and a weekly decrease of 17,427 [4] - Trading volume: On December 2, it was 171,287, a daily increase of 47,471 and a weekly increase of 42,191 [4] - Warehouse receipt quantity: On December 2, it was 15,490, a daily decrease of 350 and a weekly increase of 110 [4] - Virtual - to - physical ratio: On December 2, it was 14.72, a daily decrease of 1 and a weekly decrease of 6 [4] Basis and Spread Data - Butadiene rubber (BR) basis: - 275 on December 2, a daily decrease of 225 [4] - Styrene - butadiene rubber (SBR) basis: - 275 on December 2, a weekly decrease of 175 [4] - 12 - 01 spread: - 25 on December 2, a weekly decrease of 25 [4] - 01 - 02 spread: - 15 on December 2, a daily decrease of 15 and a weekly decrease of 20 [4] - RU - BR spread: 4675 on December 2, a daily decrease of 265 and a weekly decrease of 160 [4] - NR - BR spread: 1545 on December 2, a daily decrease of 315 and a weekly decrease of 260 [4] Spot and Price - related Data - Shandong market price: 10,500 on December 2, a daily increase of 100 and a weekly increase of 100 [4] - Transfar market price: 10,400 on December 2, a daily increase of 150 and a weekly increase of 150 [4] - Qilu ex - factory price: 10,600 on December 2, a daily increase of 200 and a weekly increase of 200 [4] - CFR Northeast Asia: 1325, no daily or weekly change [4] - CFR Southeast Asia: 1600, no daily or weekly change [4] Profit Data - Spot processing profit: 110 on December 2, a daily decrease of 155 and a weekly decrease of 181 [4] - Import profit: - 592 on December 2, a daily increase of 100 [4] - Export profit: 1600 on December 2, a daily decrease of 87 and a weekly decrease of 107 [4] Group 3: Other Product Data SBR Data - Shandong market price: 7500 on December 2, a daily increase of 250 and a weekly increase of 275 [4] - Jiangsu market price: 7250 on December 2, a daily increase of 225 [4] - Yangzi ex - factory price: 7100, no daily or weekly change [4] - CFR China: 820, no daily change and a weekly increase of 20 [4] - Ethylene cracking profit: Data not available [4] - Butene oxidative dehydrogenation profit: - 1564 on December 2, a daily increase of 225 and a weekly increase of 225 [4] - Import profit: 547 on December 2, a daily increase of 225 and a weekly increase of 77 [4] - Export profit: - 1154 on December 2, a daily decrease of 196 and a weekly decrease of 418 [4] - SBR production profit: 1563 on December 2, a daily increase of 200 and a weekly increase of 200 [4] BD - Related Profit Data - C4 extraction profit: Data not available [4] - ABS production profit: Data not available [4] - SBS production profit: - 302, no daily or weekly change [4]

Report Overview - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: November 27, 2025 [3] Key Information on BR Futures Data - BR主力合约(12): Price on November 26 was 10360, up 90 from the previous day and down 160 from October 27 [4] - Holdings: On November 26, it was 63030, down 5705 from the previous day and 8982 from October 27 [4] - Trading Volume: On November 26, it was 129096, up 15027 from the previous day and 15792 from October 27 [4] - Warehouse Receipt Quantity: On November 26, it was 15380, up 2880 from the previous day and 3350 from October 27 [4] - Virtual - Real Ratio: On November 26, it was 20.49, down 7 from the previous day and 9 from October 27 [4] Basis and Spread - Cis - Butyl Basis: On November 26, it was 40, down 190 from the previous day and 40 from October 27 [4] - Butyl County Basis: On November 26, it was 490, down 190 from the previous day and 140 from October 27 [4] - 12 - 01 Spread: On November 26, it was - 30, unchanged from the previous day and October 27 [4] - 01 - 02 Spread: On November 26, it was 5, down 10 from the previous day and 15 from October 27 [4] - RU - BR Spread: On November 26, it was 4835, down 20 from the previous day and up 105 from October 27 [4] - NR - BR Spread: On November 26, it was 1805, down 75 from the previous day and up 5 from October 27 [4] Spot Prices and Profits - Shandong Market Price: On November 26, it was 10400, down 100 from the previous day and 200 from October 27 [4] - Transfar Market Price: On November 26, it was 10250, down 50 from the previous day and 200 from October 27 [4] - Qilu Factory Price: On November 26, it was 10400, unchanged from the previous day and down 300 from October 27 [4] - CFR Northeast Asia: On November 26, it was 1325, unchanged from the previous day and down 55 from October 27 [4] - CFR Southeast Asia: On November 26, it was 1600, unchanged from the previous day and down 40 from October 27 [4] - Spot Processing Profit: On November 26, it was 831, down 177 from the previous day and up 121 from October 27 [4] - Import Profit: On November 26, it was - 712, down 100 from the previous day and up 43 from October 27 [4] - Export Profit: On November 26, it was 1642, up 87 from the previous day and down 152 from October 27 [4] Key Information on BD Spot Prices - Shandong Market Price: On November 26, it was 7225, up 75 from the previous day and down 315 from October 27 [4] - Jiangsu Market Price: On November 26, it was 7025, up 75 from the previous day and down 275 from October 27 [4] - Yangzi Factory Price: On November 26, it was 7100, down 100 from the previous day and 100 from October 27 [4] - CFR China: On November 26, it was 820, up 20 from the previous day and 50 from October 27 [4] Profits - Ethylene Cracking Profit: Data for November 26 was not available [4] - C4 Extraction Profit: Data for November 26 was not available [4] - Butylene Oxidative Dehydrogenation Profit: On November 26, it was - 1789, up 75 from the previous day and down 275 from October 27 [4] - Import Profit: On November 26, it was 310, down 85 from the previous day and 652 from October 27 [4] - Export Profit: On November 26, it was - 1302, down from the previous day and 1060 from October 27 [4] - Styrene - Butadiene Production Profit: On November 26, it was 1363, up 50 from the previous day and down 38 from October 27 [4] - ABS Production Profit: On November 26, it was - 359, down 58 from the previous day [4] - SBS Production Profit: On November 26, it was - 302, up 40 from the previous day and 82 from October 27 [4] Data Source - Mysteel, Wind [8]