| 玻璃纯碱期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年10月16日 | | | | 蒋诗语 | Z0017002 | | 玻璃相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 狱跌 | 涨跌幅 | 单位 | | 华北报价 | 1220 | 1230 | -10 | -0.81% | | | 华东报价 | 1320 | 1320 | 0 | 0.00% | | | 华中报价 | 1220 | 1220 | 0 | 0.00% | | | 华南报价 | 1310 | 1310 | 0 | 0.00% | 元/吨 | | 玻璃2505 | 1267 | 1280 | -13 | -1.02% | | | 玻璃2509 | 1351 | 1359 | -8 | -0.59% | | | 05基左 | -47 | -20 | 3 | 6.00% | | | 纯碱相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 流改 | 张跃帽 | 单位 | ...

Report Overview - Report Title: Synthetic Rubber Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Report Date: October 16, 2025 [2] 1. Market Data Summary 1.1 BR (Butadiene Rubber) Market - **Price and Volume**: The closing price of the main contract was 10,895 on October 15, with a weekly change of -205. The main contract's open interest decreased by 8,746 to 24,468, and the trading volume was 113,246, with a weekly increase of 65,011. The warehouse receipt quantity was 8,550, with a change of -3 [3]. - **Basis and Spread**: The basis of BR was 195, with a weekly change of -115. The 10 - 11 month spread was -475, and the 11 - 12 month spread was 35 [3]. - **Market Prices**: The Shandong market price of BR was 10,950, down 350 from the previous period. The Chuanhua market price was 10,800, and the Qilu ex - factory price was 11,200, down 300 [3]. - **Profit Analysis**: The spot processing profit was 135, and the on - screen processing profit was 141. The import profit was -79,908, and the export profit was 445 [3]. 1.2 Butadiene (BD) Market - **Market Prices**: The CFR Northeast Asia price was 1,500, and the CFR Southeast Asia price was 1,700, both remaining unchanged. The Shandong market price was 8,550, down 475, and the Jiangsu market price was 8,450, down 400. The Yangzi ex - factory price was 8,600, down 300 [3]. - **Profit Analysis**: The carbon - four extraction profit was N/A, and the butene oxidative dehydrogenation profit was 80. The import profit was -141, and the export profit was -541 [3]. 1.3 Downstream Product Markets - **Production Profits**: The ABS production profit was N/A, the SBS (791 - H) production profit was 730, and the butadiene styrene rubber (SBR) production profit was N/A [3]. 1.4 Inter - and Intra - Product Spreads - **Inter - Product Spreads**: The RU - BR spread was -17,073, the NR - BR spread was -12,233, the Thai mixed - BR spread was 3,450, and the 3L - SBR spread was 3,500 [3]. - **Intra - Product Spreads**: The SBR 1502 - 1712 spread was 950, and the standard - non - standard spread of BR was 450 [3]

Core Viewpoint - The natural rubber futures market is experiencing a weak and fluctuating trend, with a notable lack of core positive factors driving the market, leading to a cautious sentiment among investors [1][2][3] Group 1: Market Trends - Recent natural rubber futures prices have shown a weak oscillation, with the spot market also declining; the price of Yunnan's full latex in the Shanghai market has dropped to 14,250 yuan/ton [1] - After the National Day holiday, the overall capital flow in the rubber futures market has been positive, but macro risk events continue to evolve, keeping the market under pressure [1] - The import volume of natural and synthetic rubber in China reached 742,000 tons in September 2025, with year-on-year and month-on-month increases of 20.85% and 11.75% respectively, maintaining a high import level [2] Group 2: Supply and Demand Dynamics - The supply of new rubber has been slow due to adverse weather conditions, but the situation is expected to improve as the typhoon season ends and rainfall decreases in Southeast Asia, facilitating normal harvesting [1][3] - The tire market, a major downstream sector for natural rubber, is expected to weaken post-holiday, with domestic demand being sluggish while exports remain strong due to previous anti-dumping measures from the EU [2] - ANRPC forecasts a slight decline in global natural rubber production by 0.03% to 8.856 million tons for the first eight months of 2025, with consumption expected to drop by 0.6% to 10.146 million tons [3] Group 3: Price Outlook - The current low valuation of natural rubber and ongoing warehouse receipt cancellations suggest limited downward price movement, despite accelerated supply release [3] - The World Meteorological Organization has indicated a potential return of the La Niña phenomenon, which could lead to weather disruptions in Q4, potentially supporting a rebound in rubber prices if production decreases occur [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No explicit core view presented in the provided content 3. Summary by Related Catalogs 3.1 BR (Butadiene Rubber) - **Contract Data**: On October 14, the closing price of the main contract was 10,780, down 140 from the previous day and 560 from the previous week; the position was 29,075, down 2,938 from the previous day and 9,475 from the previous week; the trading volume was 65,011, down 48,235 from the previous day and 93,149 from the previous week [3]. - **Warehouse Receipts and Ratios**: The warehouse receipt quantity was 8,750, up 200 from the previous day and 1,150 from the previous week; the virtual - to - real ratio was 16.61, down 2 from the previous day and 9 from the previous week [3]. - **Basis and Spread**: The butadiene rubber basis was 270, up 40 from the previous day and 210 from the previous week; the 10 - 11 spread was down 20 from the previous day and 145 from the previous week [3]. - **Prices**: The Shandong market price was 11,050, down 100 from the previous day and 350 from the previous week; the Qilu ex - factory price was 11,200, unchanged from the previous day and down 300 from the previous week [3]. - **Profits**: The spot processing profit was 78, down 151 from the previous day and up 160 from the previous week; the import profit was - 79,720, down 100 from the previous day and up 1,903 from the previous week; the export profit was 435, up 87 from the previous day and 323 from the previous week [3]. 3.2 BD (Butadiene) - **Prices**: On October 14, the Shandong market price was 8,600, up 50 from the previous day and down 500 from the previous week; the Jiangsu market price was 8,450, unchanged from the previous day and down 500 from the previous week; the Yangzi ex - factory price was 8,600, unchanged from the previous day and down 400 from the previous week [3]. - **Profits**: The carbon four extraction profit was N/A; the butene oxidation dehydrogenation profit was - 224, up 70 from the previous day and down 430 from the previous week; the import profit was 80, unchanged from the previous day and down 313 from the previous week; the export profit was - 548, unchanged from the previous day and up 127 from the previous week [3]. 3.3 Downstream Profits - The butadiene rubber production profit was - 192, down 191 from the previous day and 50 from the previous week; the styrene - butadiene rubber production profit was 888, up 38 from the previous day and 50 from the previous week; the SBS (791 - H) production profit was 730, up 45 from the previous day and down 360 from the previous week [3]. 3.4 Spreads - **Inter - Variety Spreads**: On October 14, the RU - BR spread was - 14,230, up 2,843 from the previous day and 8,945 from the previous week; the NR - BR spread was - 17,085, up 2,888 from the previous day and 9,035 from the previous week; the Thai mixed - butadiene rubber spread was 3,400, up 100 from the previous day and unchanged from the previous week [3]. - **Intra - Variety Spreads**: The standard - non - standard butadiene rubber spread was 400, down 50 from the previous day and up 200 from the previous week; the styrene - butadiene rubber 1502 - 1712 spread was 1,000, up 50 from the previous day and unchanged from the previous week [3].

Core Viewpoint - The current market for butadiene and synthetic rubber is experiencing downward pressure due to increased supply and weakened demand, influenced by recent economic tensions between the US and China [5] Raw Materials and Spot Prices - As of October 13, butadiene prices in Shandong market are at 8550 (-50) CNY/ton, CIF China price at 1020 (+0) USD/ton, and the price for BR9000 synthetic rubber at 11150 (-50) CNY/ton, with a price spread of -3300 (+250) CNY/ton [1] Production and Operating Rates - In September, China's butadiene production was 440,300 tons, down 3.6% month-on-month, while synthetic rubber production was 130,300 tons, down 3.9% month-on-month. The production of semi-steel tires was 60.25 million units, up 3.8% month-on-month, and full-steel tires at 13.14 million units, up 0.8% month-on-month [2] - As of October 10, operating rates in the synthetic rubber industry have declined, with butadiene industry operating rate at 67.4% (+1.1%), high cis-butadiene rubber at 74.7% (+5.9%), semi-steel tire manufacturers at 42.2% (-29.3%), and full-steel tire manufacturers at 41.5% (-25%) [2] Inventory Levels - As of October 9, butadiene port inventory stands at 27,750 tons, with no change, while synthetic rubber factory inventory is at 26,600 tons, also unchanged, and trader inventory at 5,700 tons, remaining the same [3] Industry News - According to Longzhong Information, Qilu Petrochemical's 70,000 tons/year high cis-butadiene rubber unit has been shut down for maintenance since October 10 for approximately 17 days [4] Analysis - On October 13, the escalation of US-China trade tensions negatively impacted the commodity market, leading to a significant drop in BR prices, with the main contract BR2511 closing at 10,920 CNY/ton, down 2.89% from the previous settlement price. The domestic butadiene market is currently well-supplied, and expectations of incoming shipments are contributing to downward pressure on prices. Although there are anticipated maintenance shutdowns in the synthetic rubber sector, production is expected to recover post-mid-October as previously shut units restart operations [5]

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints - No clear core viewpoints are presented in the given content. It mainly provides a series of data on synthetic rubber, including prices, positions, volumes, and spreads. 3. Summary by Relevant Catalogs 3.1 BR (Butadiene Rubber) - **Price and Position Data**: - The closing price of the main contract decreased from 11655 on 9/11 to 10920 on 10/13, a decrease of 735 [3]. - The position volume of the main contract was 22243 on 9/11 and 32013 on 10/13, with a daily increase of 3155 and a weekly decrease of 8078 [3]. - The trading volume of the main contract was 62200 on 9/11 and 113246 on 10/13, with a daily increase of 41719 and a weekly decrease of 78508 [3]. - The warehouse receipt quantity was 13670 on 9/11 and 8550 on 10/13, with a daily increase of 430 and a weekly decrease of 700 [3]. - **Basis and Spread Data**: - The basis of cis - butadiene increased from 120 on 9/26 to 230 on 10/13, with a daily increase of 100 and a weekly increase of 110 [3]. - The 10 - 11 month spread decreased from 30 on 9/11 to - 90 on 10/13, a decrease of 120 [3]. - The 11 - 12 month spread increased from 10 on 9/11 to 45 on 10/13, an increase of 35 [3]. - **Spot Price Data**: - The Shandong market price decreased from 11750 on 9/11 to 11150 on 10/13, a decrease of 600 [3]. - The Chuanhua market price decreased from 11550 on 9/11 to 10950 on 10/13, a decrease of 600 [3]. - The Qilu ex - factory price decreased from 11900 on 9/11 to 11200 on 10/13, a decrease of 700 [3]. - **Processing and Import - Export Profit Data**: - The spot processing profit increased from - 115 on 9/11 to 229 on 10/13, an increase of 344 [3]. - The import profit increased from - 84482 on 9/11 to - 79401 on 10/13, an increase of 5081 [3]. - The export profit increased from - 86 on 9/11 to 324 on 10/13, an increase of 410 [3]. 3.2 BD (Butadiene) - **Price Data**: - The Shandong market price decreased from 9475 on 9/11 to 8550 on 10/13, a decrease of 925 [3]. - The Jiangsu market price decreased from 9275 on 9/11 to 8450 on 10/13, a decrease of 825 [3]. - The Yangzi ex - factory price decreased from 9250 on 9/11 to 8600 on 10/13, a decrease of 650 [3]. - **Processing and Import - Export Profit Data**: - The carbon - four extraction profit decreased from 1997 on 9/11 to an unavailable value on 10/13 [3]. - The butene oxidative dehydrogenation profit decreased from 111 on 9/11 to - 294 on 10/13, a decrease of 405 [3]. - The import profit decreased from 317 on 9/11 to an unavailable value on 10/13 [3]. - The export profit increased from - 922 on 9/11 to - 565 on 10/13, an increase of 357 [3]. 3.3 Downstream Profit - The production profit of butadiene styrene decreased from 1113 on 9/11 to 888 on 10/13, a decrease of 225 [3]. - The production profit of ABS decreased from - 94 on 9/11 to an unavailable value on 10/13 [3]. - The production profit of SBS (791 - H) decreased from 855 on 9/11 to an unavailable value on 10/13 [3]. 3.4 Variety - to - Variety Spreads - The spread between RU - BR decreased from - 6338 on 9/11 to - 17073 on 10/13, a decrease of 10735 [3]. - The spread between NR - BR decreased from - 9623 on 9/11 to - 19973 on 10/13, a decrease of 10350 [3]. - The spread between Thai mixed - cis - butadiene decreased from 3250 on 9/11 to 3300 on 10/13, an increase of 50 [3]. - The spread between 3L - butadiene styrene increased from 3000 on 9/11 to 3450 on 10/13, an increase of 450 [3]. 3.5 Intra - Variety Spreads - The spread between cis - butadiene standard and non - standard products increased from 250 on 9/11 to 450 on 10/13, an increase of 200 [3]. - The spread between butadiene styrene 1502 - 1712 decreased from 1000 on 9/11 to 950 on 10/13, a decrease of 50 [3].

1. Report Industry Investment Rating - The investment rating for the synthetic rubber industry is "oscillating bearish" [2] 2. Core Viewpoints of the Report - The domestic butadiene market has weakened slightly, and cis - butadiene rubber has been suppressed by macro - sentiment, with price support faltering. Under the pressure of high inventory and high production capacity utilization, the synthetic rubber market is expected to be bearish in the short term. In terms of valuation, the correlation between the BR futures contract and NR has increased, showing stronger rubber - related attributes [2] 3. Summaries According to Relevant Catalogs 3.1 Supply - **Butadiene**: Last week, domestic butadiene production was 104,700 tons (up 1.08%), with a capacity utilization rate of 67.37%. Some plants such as Nanjing Chengzhi, Sierbang, and Yanshan Petrochemical remained shut down, while some others like Sinopec Korea Wuhan and Fujian United restarted, leading to a slight increase in domestic production [2] - **Cis - butadiene rubber**: Qilu Petrochemical's cis - butadiene rubber plant had a short - term shutdown for maintenance, while Shandong Yihua and Shandong Weite's plants restarted. Domestic private cis - butadiene rubber production increased [2][3] 3.2 Demand - **Semi - steel tires**: During the "Double Festival" holiday, private car travel increased, boosting terminal demand. Terminal stores' shipments increased significantly, and channel goods circulation improved. The market transaction price remained stable during the period [2] - **All - steel tires**: Due to the holiday, most merchants had short - term vacations, resulting in a decrease in channel trading volume. Most merchants focused on inventory digestion, and restocking was postponed. Terminal demand was weak [2] 3.3 Inventory - **Butadiene**: Last week, butadiene port inventory was 27,750 tons, with no change from the previous week. Refinery inventory decreased, and port inventory increased due to the arrival of ocean - going vessels, but there was no obvious short - term inventory pressure [2] - **Cis - butadiene rubber**: The inventory of sample production enterprises slightly increased, while that of sample trading enterprises decreased [2] 3.4 Price - **Cis - butadiene rubber**: Sinopec Chemical Marketing and PetroChina's sales companies lowered the ex - factory price of high - cis cis - butadiene rubber by 500 yuan/ton. As of October 11, 2025, the mainstream ex - factory price in China was 11,200 - 11,300 yuan/ton [2][3] - **Butadiene**: The price of butadiene continued its weak trend, with the ex - factory price and market price showing a downward trend [2][3][7] 3.5 Cost and Profit - **Butadiene**: The production profit of butadiene oxidation dehydrogenation was - 194 yuan/ton, and the production profit of C4 extraction was 1,765.83 yuan/ton [2] - **Cis - butadiene rubber**: The production profit of cis - butadiene rubber was - 364 yuan/ton, with a gross profit margin of - 3.15% [2] 3.6 Trading Strategies - **Single - side trading**: Oscillating upward - **Arbitrage**: Pay attention to the strategy of going long on BR and short on NR/RU. Risks to watch include downstream demand, cost changes, plant maintenance, and geopolitical factors [2]

Report Overview - Report Date: September 30, 2025 [1] - Report Cycle: Daily Report - Research Variety: Synthetic Rubber 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The synthetic rubber market is expected to enter an oversupply cycle as supply growth far exceeds demand growth. The short - term synthetic rubber futures may continue to fluctuate, and attention should be paid to factors such as butadiene unit maintenance progress, crude oil price fluctuations, EU anti - dumping investigation results, and tire export data [7] 3. Summary by Directory 3.1 Futures Market - **Contract Market**: On September 30, 2025, synthetic rubber futures fluctuated and declined. For the BR2511 contract, the opening price was 11,325 yuan/ton, the highest was 11,335 yuan/ton, the lowest was 11,100 yuan/ton, and the closing price was 11,100 yuan/ton, down 185 yuan/ton or 1.64% from the previous trading day's settlement price. The trading volume was 110,000 lots, a decrease of 47,800 lots from the previous day, and the open interest was 33,200 lots, a decrease of 5,336 lots from the previous day [2] - **Variety Price**: The report provides the opening, highest, lowest, latest prices, price changes, price change percentages, trading volumes, and open interests of some synthetic rubber contracts on September 30, 2025 [4] 3.2 Spot Market - In the Shanghai market, the quotes of high - cis butadiene rubber from different petrochemical companies such as Hushan Petrochemical, Yangzi Petrochemical, etc. were provided on September 30, with no price changes [5] 3.3 Influencing Factors - **Industry Information**: The price of butadiene may continue to be weak, and the upward space of crude oil prices is limited under the medium - and long - term supply - demand loosening expectation. The cost support for synthetic rubber will be further weakened [5] - **Policy and Market Dynamics**: On September 30, most quotes in Thailand's three major central rubber markets were flat or down [6] 3.4 Market Outlook - Projects of Jilin Petrochemical (200,000 tons) and Fushun Petrochemical (160,000 tons) will be put into production in the fourth quarter. The total production capacity is expected to reach 7.627 million tons by the end of the year, a year - on - year increase of 13.9%. The market will enter an oversupply cycle, and the medium - and long - term supply pressure is difficult to be substantially alleviated [7]

Group 1: Report Information - Report title: Synthetic Rubber Morning Report [2] - Research team: Energy and Chemicals Team of the Research Center [2] - Report date: October 10, 2025 [2] Group 2: BR (Butadiene Rubber) Data Futures Market - On September 30, the closing price of the main contract was 11,100, a daily decrease of 240 and a weekly decrease of 420 [3] - The position volume of the main contract was 33,214, a daily decrease of 5,336 and a weekly decrease of 25,436 [3] - The trading volume of the main contract was 110,443, a daily decrease of 47,717 and a weekly decrease of 2,962 [3] - The warrant quantity was 7,700, a daily increase of 100 and a weekly decrease of 1,450 [3] - The long - short ratio was 21.57, a daily decrease of 4 and a weekly decrease of 10 [3] Basis and Spread - The basis of butadiene rubber was 200, a daily increase of 140 and a weekly increase of 140 [3] - The basis of butadiene rubber (two major oil companies) was 400, a daily increase of 240 and a weekly increase of 220 [3] - The 10 - 11 spread was 250, a daily increase of 215 and a weekly increase of 230 [3] - The 11 - 12 spread was - 10, a daily decrease of 15 and a weekly decrease of 20 [3] Price - The Shandong market price was 11,300, a daily decrease of 100 and a weekly decrease of 280 [3] - The Transfar market price was 11,150, a daily decrease of 200 and a weekly decrease of 350 [3] - The Qilu ex - factory price was 11,500, with no daily change and a weekly decrease of 200 [3] - CFR Northeast Asia was 1,515, with no daily or weekly change [3] - CFR Southeast Asia was 1,700, with no daily or weekly change [3] Processing and Import - Export Profits - The spot processing profit was - 131, a daily decrease of 49 and a weekly increase of 77 [3] - The futures processing profit was - 331, a daily decrease of 189 and a weekly decrease of 63 [3] - The import profit was - 81,725, a daily decrease of 101 and a weekly increase of 1,231 [3] - The export profit was 200, a daily increase of 87 and a weekly increase of 254 [3] Group 3: BD (Butadiene) Data Price - The Shandong market price was 9,050, a daily decrease of 50 and a weekly decrease of 350 [3] - The Jiangsu market price was 8,850, a daily decrease of 100 and a weekly decrease of 325 [3] - The Yangzi ex - factory price was 8,900, a daily decrease of 100 and a weekly decrease of 250 [3] - CFR China was 1,095, with no daily or weekly change [3] Processing and Import - Export Profits - The carbon four extraction profit was 1,745, a daily increase of 24 and a weekly decrease of 136 [3] - The butene oxidative dehydrogenation profit was 106, a daily decrease of 100 and a weekly decrease of 255 [3] - The import profit was 293, a daily decrease of 100 and a weekly decrease of 334 [3] - The export profit was - 908, a daily increase of 87 and a weekly decrease of 66 [3] Downstream Profits - The butadiene rubber production profit was - 331, a daily decrease of 189 and a weekly decrease of 63 [3] - The styrene - butadiene rubber production profit was 875, a daily increase of 75 and a weekly decrease of 113 [3] - The ABS production profit was 276, a daily increase and a weekly increase of 151 [3] - The SBS (791 - H) production profit was 1,160, a daily increase of 70 and a weekly increase of 175 [3] Group 4: Price Spreads between Varieties - RU - BR was - 18,184, a daily increase of 4,991 and a weekly increase of 24,846 [3] - NR - BR was - 21,114, a daily increase of 5,006 and a weekly increase of 25,071 [3] - Thai mixed - butadiene rubber was 3,300, a daily decrease of 100 and no weekly change [3] - 3L - styrene - butadiene rubber was 3,300, a daily increase of 100 and a weekly increase of 150 [3] - The spread between standard and non - standard butadiene rubber was 250, a daily increase of 50 and a weekly increase of 90 [3] - The spread between styrene - butadiene rubber 1502 and 1712 was 1,000, with no daily or weekly change [3]

Group 1: Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center - Report Date: October 9, 2025 Group 2: BR (Butadiene Rubber) Data Futures Contract Data - On September 29, the closing price of the main contract was 11,340, down 90 from the previous day and 90 from the previous week [3]. - The open interest of the main contract was 38,520, down 1,541 from the previous day and 27,038 from the previous week. - The trading volume of the main contract was 158,160, down 33,594 from the previous day but up 48,380 from the previous week. Inventory and Ratio Data - The warrant quantity was 7,600, down 1,650 from the previous day and 1,590 from the previous week. - The virtual - to - real ratio was 25.36, up 4 from the previous day and down 10 from the previous week. Basis and Spread Data - The butadiene basis was 660, up 90 from the previous day and down 10 from the previous week. - The 10 - 11 spread was 0, unchanged from the previous day and down 15 from the previous week. - The 11 - 12 spread was 5, down 15 from the previous day and 10 from the previous week. Price Data - The Shandong market price was 11,450, down 100 from the previous day and 50 from the previous week. - The Chuanhua market price was 11,350, down 100 from the previous day and 100 from the previous week. - The Qilu ex - factory price was 11,500, down 200 from the previous day and 200 from the previous week. Processing and Trade Data - The spot processing profit was - 32, down 49 from the previous day but up 205 from the previous week. - The on - disk processing profit was - 142, down 39 from the previous day. - The import profit was - 81,760, up 1,526 from the previous day and 1,265 from the previous week. - The export profit was 90, up 86 from the previous day and 76 from the previous week. Group 3: BD (Butadiene) Data Price Data - The Shandong market price was 9,100, down 50 from the previous day and 250 from the previous week. - The Jiangsu market price was 8,950, down 50 from the previous day and 200 from the previous week. - The Yangzi ex - factory price was 9,000, down 150 from the previous day and 150 from the previous week. Processing and Trade Data - The carbon - four extraction profit was not available after September 29 [3]. - The butylene oxidative dehydrogenation profit was 206, up 20 from the previous day and down 130 from the previous week. - The import profit was 452 (data not fully updated). - The export profit data was incomplete after September 23. Downstream Profit Data - The butadiene - styrene production profit was 875, down 188 from the previous day and 188 from the previous week. - The ABS production profit data was incomplete after September 25. - The SBS production profit (791 - H) was 1,090, up 105 from the previous day and 105 from the previous week. Group 4: Inter - and Intra - Variety Spread Data Inter - Variety Spread - The RU - BR spread was - 23,175, up 1,446 from the previous day and 26,888 from the previous week. - The NR - BR spread was - 26,120, up 1,536 from the previous day and 27,073 from the previous week. - The Thai mixed - butadiene spread was 3,350, up 50 from the previous day and 70 from the previous week. - The 3L - butadiene - styrene spread was 3,200, unchanged from the previous day and up 100 from the previous week. Intra - Variety Spread - The butadiene - styrene 1502 - 1712 spread was 1,000, unchanged from the previous day and the previous week. - The butadiene standard - non - standard spread was 250, unchanged from the previous day and up 150 from the previous week.