Report Summary - The rainfall in the main natural rubber producing areas in Southeast Asia decreased from September 10th to 16th, 2025, compared with the previous period. The impact on rubber tapping was reduced in most areas north of the equator and increased in some areas south of the equator [5] - The rubber market oscillated weakly this week, giving back last week's gains. The market was significantly affected by external macro - factors, while the fundamental factors had limited impact, and the market remained range - bound [6] - In 2026 and 2027, the purchase tax on new energy vehicles will be restored but with a 50% discount. The European Central Bank kept its policy unchanged, and traders reduced bets on its easing policies. China will closely monitor Mexico's tariff - raising move [7] Multi - Empty Focus Bullish Factors - Weather disturbances made rubber raw material prices stable and slightly stronger, providing cost support [10] - Rubber inventory decreased slightly [10] - Tire operating rates rebounded [10] Bearish Factors - Weak US economic data affected overseas demand expectations [10] - Mexico's proposed tariff increase affected China's tire re - exports [10] - The inventory reduction of semi - steel tire enterprises was difficult [10] Data Analysis Natural Rubber Raw Material Prices - As of September 11th, the prices of fresh glue and cup rubber in Thailand, and glue in Yunnan and Hainan were reported. The raw material prices were stable and slightly stronger due to rainfall disturbing rubber tapping [11] Natural Rubber Inventory - As of September 5th, 2025, China's natural rubber social inventory decreased by 0.7 million tons. The inventory reduction in Qingdao increased [14] Butadiene Price - This week, the domestic butadiene price fluctuated narrowly. The theoretical production loss of butadiene rubber was 190 yuan/ton, and the production profit was still under pressure [15] Butadiene Rubber Inventory - As of the week of September 12th, the in - factory and trader inventories of butadiene rubber increased. The output decreased, and the overall inventory reduction was difficult [18] Tire Capacity Utilization - As of the week of September 12th, the capacity utilization rates of all - steel and semi - steel tires rebounded slightly. The inventory of all - steel tire factories continued to decrease, while the semi - steel tire market atmosphere was still weak [19] Rubber Contract Spreads - As of September 11th, the spreads of the three major rubber contracts were relatively stable, indicating that the internal supply - demand fundamentals of rubber were not significantly differentiated [21] Market Outlook - From a macro perspective, weak US economic data affected overseas demand, and Mexico's tariff policy affected China's tire exports. From a fundamental perspective, raw material prices provided cost support, inventory decreased slightly, and tire capacity utilization rates rebounded. Overall, the rubber market was mainly range - bound [25]