Report Industry Investment Rating - No investment rating provided in the report Core Viewpoints - The recent domestic raw material supply is abundant, prices are weak, and cost support is insufficient. Although there are maintenance plans for two butadiene plants in mid - late April, the supply of butadiene is expected to decline, but the simultaneous maintenance of downstream butadiene rubber offsets some of the support brought by the maintenance. The inventory of butadiene rubber production enterprises decreased slightly last week, but some enterprises had inventory accumulation pressure. The capacity utilization rate of domestic tire enterprises decreased last week, especially for semi - steel tires. The tariff policy has led to concerns about trade contraction, which will cause the futures price of synthetic rubber to fall. It is recommended to wait and see for now [2] Summary by Directory Futures Market - The closing price of the main contract of synthetic rubber was 12,555 yuan/ton, a decrease of 615 yuan; the position of the main contract was 26,574 lots, a decrease of 2,132 lots; the net position of the top 20 in futures was - 6 lots, unchanged; the price difference between April and May of synthetic rubber was 805 yuan/ton, an increase of 770 yuan; the total warehouse receipt quantity of butadiene rubber was 9,440 tons, unchanged [2] Spot Market - The mainstream price of BR9000 butadiene rubber from Qilu Petrochemical, Daqing Petrochemical, and Maoming Petrochemical was 13,550 yuan/ton, with a decrease of 200 - 250 yuan. The basis of synthetic rubber was 445 yuan/ton, a decrease of 35 yuan. The price of Brent crude oil was 65.58 dollars/barrel, a decrease of 4.56 dollars; the price of naphtha CFR Japan was 845 dollars/ton, a decrease of 10 dollars [2] Upstream Situation - The price of Northeast Asian ethylene was 845 dollars/ton, a decrease of 10 dollars; the intermediate price of butadiene CFR China was 1,340 dollars/ton, a decrease of 31.75 dollars; the price of WTI crude oil was 61.99 dollars/barrel, a decrease of 4.96 dollars; the mainstream price of butadiene in the Shandong market was 11,200 yuan/ton, a decrease of 150 yuan. The weekly production capacity of butadiene was 13.94 million tons/week, an increase of 0.01 million tons; the capacity utilization rate was 75.37%, a decrease of 0.09 percentage points. The port inventory of butadiene was 30,800 tons, a decrease of 2,100 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units was 47.34%, an increase of 1.22 percentage points [2] Downstream Situation - The monthly output of butadiene rubber was 11.18 million tons, a decrease of 1.81 million tons; the weekly capacity utilization rate was 58.4%, a decrease of 5.77 percentage points. The weekly production profit was - 236 yuan/ton, a decrease of 3 yuan; the social inventory was 3.15 million tons, a decrease of 0.07 million tons; the manufacturer's inventory was 25,750 tons, a decrease of 230 tons; the trader's inventory was 5,760 tons, a decrease of 420 tons. The operating rate of domestic semi - steel tires was 81.75%, a decrease of 1.24 percentage points; the operating rate of full - steel tires was 66.52%, a decrease of 1.59 percentage points. The monthly output of full - steel tires was 10.6 million pieces, an increase of 2.32 million pieces; the monthly output of semi - steel tires was 48.1 million pieces, an increase of 3.25 million pieces. The inventory days of full - steel tires in Shandong were 40.98 days, a decrease of 1.29 days; the inventory days of semi - steel tires in Shandong were 43.28 days, a decrease of 0.4 days [2] Industry News - As of April 2, the inventory of high - cis butadiene rubber sample enterprises in China was 3.15 million tons, a decrease of 0.07 million tons from the previous period, a month - on - month decrease of 2.02%. After the maintenance of some private plants in North and East China, the inventory level decreased, but some production enterprises had inventory accumulation pressure. As of April 3, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 75.81%, a month - on - month decrease of 2.38 percentage points, a year - on - year decrease of 5.07 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 68.28%, a month - on - month decrease of 0.08 percentage points, a year - on - year decrease of 2.78 percentage points. Semi - steel tire enterprises had high shipment pressure, and new orders were less than expected, so some enterprises reduced production. Most full - steel tire enterprises had stable production, and some adjusted production due to inventory pressure [2]