Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - This week, some devices are restarted, and supply is expected to increase slightly, but due to the expected increase in future domestic supply, the cost of butadiene rubber remains weak. The situation where downstream terminals firmly press prices is difficult to change, and the inventories of producers and trading enterprises may increase slightly. [2] - 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 will keep production stable this week to meet order needs. It is reported that an individual enterprise has a maintenance plan in the middle of the month, which may drag down the overall capacity utilization. [2] - The short - term price of the br2601 contract is expected to fluctuate between 10,000 - 10,500. [2] Group 3: Summary According to Relevant Catalogs 1. Futures Market - The closing price of the main contract of synthetic rubber is 10,430 yuan/ton, with a week - on - week increase of 190 yuan/ton; the position of the main contract is 76,397, with a week - on - week decrease of 5,644. [2] - The 12 - 1 spread of synthetic rubber is 35 yuan/ton, with a week - on - week decrease of 30 yuan/ton; the total number of warehouse receipts for butadiene rubber in warehouses is 2,990 tons, with no week - on - week change. [2] 2. Spot Market - The mainstream price of BR9000 butadiene rubber from Qilu Petrochemical in Shandong is 10,400 yuan/ton, with a week - on - week increase of 100 yuan/ton; that from Daqing Petrochemical in Shandong is 10,350 yuan/ton, with a week - on - week increase of 50 yuan/ton; that from Daqing Petrochemical in Shanghai is 10,400 yuan/ton, with a week - on - week increase of 50 yuan/ton; that from Maoming Petrochemical in Guangdong is 10,650 yuan/ton, with no week - on - week change. [2] - The basis of synthetic rubber is 70 yuan/ton, with a week - on - week decrease of 90 yuan/ton. [2] 3. Upstream Situation - Brent crude oil is at 65.16 US dollars/barrel, with a week - on - week increase of 1.1 US dollars/barrel; WTI crude oil is at 61.04 US dollars/barrel, with a week - on - week increase of 0.91 US dollars/barrel. [2] - Naphtha CFR Japan is at 576.75 US dollars/ton, with a week - on - week decrease of 5.5 US dollars/ton; Northeast Asian ethylene price is 740 US dollars/ton, with no week - on - week change; the middle price of butadiene CFR China is 790 US dollars/ton; the mainstream price of butadiene in the Shandong market is 6,975 yuan/ton, with a week - on - week increase of 75 yuan/ton. [2] - The weekly production capacity of butadiene is 155,300 tons, with a week - on - week decrease of 100 tons; the capacity utilization rate is 70.32%, with a week - on - week increase of 3.26 percentage points. [2] - The port inventory of butadiene is 29,800 tons, with a week - on - week decrease of 2,200 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 52.45%, with a week - on - week increase of 0.15 percentage points. [2] 4. Downstream Situation - 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 week - on - week decrease of 1.1 percentage points. [2] - The weekly production profit of butadiene rubber is 539 yuan/ton, with a week - on - week increase of 118 yuan/ton; the social inventory is 29,300 tons, with a week - on - week decrease of 1,600 tons. [2] - The manufacturer's inventory of butadiene rubber is 25,770 tons, with a week - on - week decrease of 1,430 tons; the trader's inventory is 3,520 tons, with a week - on - week decrease of 160 tons. [2] - The operating rate of domestic semi - steel tires is 73.67%, with a week - on - week increase of 0.26 percentage points; the operating rate of domestic all - steel tires is 65.46%, with a week - on - week increase of 0.12 percentage points. [2] - 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. [2] - The inventory days of all - steel tires in Shandong are 39.2 days, with a week - on - week increase of 0.19 days; the inventory days of semi - steel tires in Shandong are 45.05 days, with a week - on - week increase of 0.23 days. [2] 5. Industry News - As of November 6, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.89%, a week - on - week 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 was 65.37%, a week - on - week increase of 0.03 percentage points and a year - on - year increase of 6.51 percentage points. [2] - In October 2025, the domestic butadiene rubber output was 137,600 tons, a month - on - month increase of 7,200 tons, or 5.52% month - on - month 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. In October, the output and capacity utilization rate of butadiene rubber declined slightly. [2] - As of November 6, the domestic butadiene rubber inventory was 29,300 tons, a decrease of 1,600 tons from the previous period, or a 5.15% week - on - week decrease. [2]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: November 12, 2025 [3] Key Data Summary BR (Butadiene Rubber) - **Price and Volume**: - BR主力合约(12)价格为10240元，日度变化-35元，周度变化5元 [4] - 持仓量为82041，日度变化-1657，周度变化53203 [4] - 成交量为89151，日度变化-25103，周度变化5671 [4] - 仓单数量为12610，日度变化310，周度变化4050 [4] - 虚实比为32.53，日度变化-1，周度变化16 [4] - **Basis and Spread**: - 顺丁基差为160，日度变化135 [4] - 丁苯基差为560，日度变化85 [4] - 12 - 01为65，日度变化-5，周度变化-25 [4] - 01 - 02为5，日度变化10，周度变化-5 [4] - RU - BR为4855，日度变化20，周度变化240 [4] - NR - BR为1885，日度变化-5，周度变化185 [4] - **Spot and Profit**: - 山东市场价为10400元，日度变化100元，周度变化200元 [4] - 传化市场价为10250元，日度变化50元，周度变化100元 [4] - 齐鲁出厂价为10200元，日度变化0元，周度变化0元 [4] - CFR东北亚为1400美元，日度变化-50美元，周度变化-50美元 [4] - CFR东南亚为1685美元，日度变化-15美元，周度变化-15美元 [4] - 现货加工利润为1086元，日度变化24元，周度变化149元 [4] - 进口利润为-1366元，日度变化507元，周度变化620元 [4] - 出口利润为2297元，日度变化-198元，周度变化-298元 [4] BD (Butadiene) - **Price and Profit**: - 山东市场价为6975元，日度变化75元，周度变化50元 [4] - 江苏市场价为6850元，日度变化0元，周度变化100元 [4] - 扬子出厂价为6900元，日度变化0元，周度变化0元 [4] - CFR中国为790美元，日度变化0美元，周度变化-60美元 [4] - 乙烯裂解利润：数据部分为N/A [4] - 碳四抽提利润：数据部分为N/A [4] - 丁烯氧化脱氢利润为-1824元，日度变化0元，周度变化170元 [4] - 进口利润为346元，日度变化2元 [4] - 出口利润为-914元，日度变化-144元，周度变化-1663元 [4] - 丁苯生产利润为1175元，日度变化0元，周度变化13元 [4] - ABS生产利润：数据部分为N/A [4] - SBS生产利润为-90元，日度变化0元，周度变化-285元 [4] Data Sources - Mysteel, Wind [8]

1. Report Industry Investment Rating - The investment rating for the synthetic rubber industry is "Oscillating Weakly" [2] 2. Core Viewpoints of the Report - The synthetic rubber market is expected to remain weak due to supply pressure from domestic raw material production increases and lackluster demand. Tire companies face shipment pressure, with under - performing foreign trade orders. In November, some companies plan to reduce production or conduct maintenance, which will limit the overall capacity utilization rate. Key factors to track include the bottoming point and timing of butadiene prices, the price spread between natural and synthetic rubber, and the performance of natural rubber after the harvest season [2][28] 3. Summary by Directory Chapter 1: Market Review - The synthetic rubber market showed a weak trend. The 01 contract opened at 11,125 yuan/ton in October, reached a high of 11,285 yuan/ton, a low of 10,175 yuan/ton, and closed at 10,550 yuan/ton, with a monthly decline of 560 yuan or 5.04% [3] Chapter 2: Analysis of Price - Influencing Factors 2.1 Butadiene Capacity Expansion - From 2021 - 2025, China's butadiene capacity has been increasing year - by - year, with the growth rate first decreasing and then increasing. In 2025, domestic capacity expansion is concentrated, with the capacity growth rate reaching 14.16%, a five - year high. By the end of 2025, China's total butadiene capacity will reach 7.577 million tons/year [5][6] 2.2 High Butadiene Operating Rate and Import Growth - In October, butadiene production was 457,300 tons, a year - on - year increase of 14.49%. From January to October, production was 4.472 million tons, a year - on - year increase of 15.46%. The capacity utilization rate in October was 66.48%. In September 2025, butadiene imports were 56,000 tons, a year - on - year increase of 25.09%. From January to September, imports were 393,600 tons, a year - on - year increase of 54.8% [7][8][10] 2.3 High Growth in Butadiene Imports - The import volume of butadiene has been growing rapidly, as shown by the data from January - September and September 2025 [10] 2.4 Pressure on Butadiene Prices and Profits - The total inventory of domestic butadiene samples fluctuated slightly this period, with a 1.67% week - on - week decrease. The theoretical production profits of different butadiene production processes decreased. As of October 29, the weekly average profit of the C4 extraction process was 1,265 yuan/ton, a decrease of 578 yuan/ton from the previous period [13] 2.5 Sufficient Synthetic Rubber Capacity Expansion and High Production Growth - New synthetic rubber capacities have been put into production, such as Yulong Petrochemical's 150,000 tons/year nickel/neodymium - based cis - butadiene rubber capacity and Zhejiang Petrochemical's 100,000 - ton device. In September, synthetic rubber production was 774,000 tons, a year - on - year increase of 13.50%. From January to September, production was 6.616 million tons, a year - on - year increase of 11.20% [15][17] 2.6 High Growth in Imports of Natural and Synthetic Rubber (Including Latex) - In September 2025, China imported 742,000 tons of natural and synthetic rubber (including latex), a 20.8% increase compared to the same period in 2024. From January to September, imports were 6.115 million tons, a 19.2% increase year - on - year [19] 2.7 Tire Production Growth Slows - In September 2025, China's rubber tire outer - tube production was 103.487 million pieces, a year - on - year increase of 0.2%. From January to September, production was 899.386 million pieces, a 1.5% increase year - on - year, far lower than the 9.59% growth rate in 2024. The export market growth rate declined, and the replacement market performed poorly [22][25] 2.8 Tire Inventory Needs to be Reduced and Operating Rate Increase is Limited - The capacity utilization rate of China's semi - steel tire sample enterprises was 72.12%, a week - on - week decrease of 0.72 percentage points. The capacity utilization rate of full - steel tire sample enterprises was 65.34%, a week - on - week decrease of 0.53 percentage points. Tire finished - product inventory needs to be reduced [26] 2.9 Weak Supply - Demand Drivers and Synchronous Decline of Raw Materials and Cis - Butadiene Rubber - Due to weak supply - demand drivers, raw materials and cis - butadiene rubber prices declined synchronously, with butadiene having a larger and faster decline [27] Chapter 3: Market Outlook and Investment Strategy - The synthetic rubber market is expected to remain weak due to supply pressure on the raw material side and lack of demand - side support. Key factors to monitor include the bottoming point and timing of butadiene prices, the price spread between natural and synthetic rubber, and the performance of natural rubber after the harvest season [28]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The sentiment in the oil and fat market has improved, and it is waiting for the fermentation of bullish factors. The protein meal market has seen a decline with reduced positions and light trading. The corn/starch market has shown stable to weak spot prices and an increase in positions on the futures market. The hog market is experiencing price fluctuations due to farmers' reluctance to sell at low prices. The natural rubber market has rebounded strongly, and its sustainability needs attention. The synthetic rubber market has seen a temporary improvement in sentiment as raw material prices have stabilized. The cotton market is fluctuating within a narrow range with limited upside and downside potential. The sugar market is testing its lower support in the short term. The pulp market has continued to rise, and the enthusiasm for futures - cash arbitrage has increased. The double - glue paper market has strengthened following the pulp market. The log market is oscillating at the bottom [1][6]. 3. Summary by Relevant Catalogs 3.1 Oil and Fats - **View**: The market sentiment has improved, waiting for bullish factors to ferment. The outlook is that palm oil, rapeseed oil, and soybean oil will oscillate. - **Logic**: Optimistic trade sentiment led to the rise of US soybeans on Wednesday, and domestic oils stopped falling and rose yesterday, with palm and rapeseed oils being relatively strong. The US government is in a "shutdown," and the market doubts the Fed's further interest rate cuts this year. US crude oil inventories increased unexpectedly. From an industrial perspective, US soybean data updates are suspended. The US soybean harvest is nearly over, and the market expects a high probability of a decline in US soybean yield. China's tariff adjustment policy boosts the export demand for US soybeans. Brazilian soybean planting is going smoothly. The arrival of imported soybeans in China may be at a relatively high level, and the de - stocking of domestic soybean oil is expected to be slow. In October, the production of Malaysian palm oil increased month - on - month, and the probability of inventory accumulation is high. Indonesia's palm oil inventory remains low due to increased consumption in biodiesel. India's vegetable oil imports may decline seasonally. With the large - scale listing of Russian rapeseed, the supply of domestic rapeseed oil is expected to increase [2][6]. 3.2 Protein Meal - **View**: The market has seen a decline with reduced positions and light trading. The outlook is that soybean meal and rapeseed meal will oscillate. - **Logic**: Internationally, US soybeans are oscillating at a high level, and the positive impact of China's purchases has been gradually digested. Attention should be paid to the US soybean yield and the growth of South American soybeans. The export volume of old - crop Brazilian soybeans in October decreased, but the discount is more favorable than that of the US. Brazilian soybeans will enter a critical growth period in November, and the impact of La Nina should be monitored. CBOT US soybeans are approaching a reasonable valuation, and new bullish factors are needed for an upward movement. Domestically, in the short term, the import and crushing profit of the January futures contract is still in the red, and profit margins need to be provided to stimulate ship purchases. In the medium term, the quantity of China's US soybean purchases will be gradually realized. The South American weather and the strength of the fourth - quarter consumption season will determine the upward potential of soybean meal. In the long term, there is expected to be no gap in soybean supply and demand in the fourth quarter of 2025 and the first quarter of 2026. The demand for soybean meal is expected to be stable or increase slightly, and rapeseed meal may follow the trend of soybean meal [6]. 3.3 Corn/Starch - **View**: Spot prices are stable to weak, and the futures market has increased positions and risen. The outlook is for oscillation. - **Logic**: The domestic corn price is generally stable with local fluctuations. In the Northeast, farmers are reluctant to sell as the temperature drops, and the supply pressure has eased. However, there are bottlenecks in transportation capacity, leading to increased freight costs and a slow - to - resolve shortage in the sales area. In November, the market is still under the pressure of new grain listing. The expected increase in production in the Northeast will drag down prices. Feed - using enterprises are mainly replenishing inventory based on rigid demand, and there is insufficient upward driving force for prices before large - scale inventory building occurs [7][8]. 3.4 Hogs - **View**: Farmers are reluctant to sell at low prices, and prices are oscillating. The outlook is for a weak oscillation. - **Logic**: The supply and demand are loose, but farmers' reluctance to sell at low prices after the price weakens has led to a low - level oscillation of hog prices. In the short term, the utilization rate of second - fattening pens has increased, but the rebound in hog prices has suppressed the enthusiasm for second - fattening. In the medium term, the number of sows capable of reproduction was at a high level in the first half of 2025, and the number of newborn piglets increased from January to September. It is expected that the hog slaughter volume will continue to increase in the fourth quarter. In the long term, the capacity of sows capable of reproduction has started to decline. With the dual drivers of "policy + losses," the reduction of sow production is expected to accelerate in the fourth quarter, and the supply pressure will gradually ease in the second half of 2026. The demand has increased slightly as the temperature drops. Group farms are actively selling, and the average weight has decreased. The enthusiasm for second - fattening has weakened [8]. 3.5 Natural Rubber - **View**: The market has rebounded strongly, and its sustainability needs attention. The outlook is for oscillation. - **Logic**: The rebound of the natural rubber market is in line with the rebound rhythm of commodities. The fundamental situation can provide some bottom support. The RU warehouse receipts have been continuously cancelled, and the new rubber registration progress is slow, with a lower valuation compared to NR. The import pressure in November may be relatively large, which will put pressure on the upside of NR. The short - term spread between RU and NR may be repaired. The recent price fluctuations are mainly affected by the macro - environment. If there is no further macro - driving force, the rubber price may face downward adjustment pressure. However, as it enters November, there may still be room for speculation about domestic rubber - cutting suspension and RU warehouse receipts, so the downside space is relatively limited [9][11]. 3.6 Synthetic Rubber - **View**: Raw material prices have stabilized, and sentiment has temporarily improved. The outlook is for oscillation. - **Logic**: The BR main contract has switched to the January contract and continued to rebound, returning to the level before Tuesday's decline. The improvement in sentiment is due to the better trading volume and temporary stabilization of butadiene prices, along with a strong rebound in the overall commodity market. The price of butadiene dropped rapidly last week to a record low this year. The supply - demand contradiction in the market has intensified, and the cautious attitude of downstream buyers has led to poor trading volume. Although the downstream buyers have gradually entered the market after the price dropped to a low level, and the supply side of butadiene intends to stop the price decline, buyers are still cautious. In the short term, attention should be paid to whether the improvement in trading sentiment can continue to support the butadiene price. In the medium term, the supply - demand of butadiene will remain in surplus in the next two months before the end of the year, and the price may decline further [12]. 3.7 Cotton - **View**: The market is fluctuating within a narrow range with limited upside and downside potential. The short - term outlook is for the January contract to oscillate within a range, and the long - term outlook is for a bullish oscillation. - **Logic**: The increase in the new - season Xinjiang cotton production is less than expected, and the purchase cost has increased, which supported the cotton price to oscillate strongly in October. The improvement in Sino - US trade relations and the reduction of import tariffs on US cotton are expected to promote US cotton exports to China and China's textile exports next year, but the short - term impact is limited. With the listing of new cotton, the supply has increased, and the cotton price is under pressure. At the same time, the profit from hedging has gradually emerged, and there is hedging pressure on the upside of the cotton price. The upper pressure on the January contract is 13,600 - 13,800 yuan/ton, and the lower support is 13,300 - 13,400 yuan/ton [13]. 3.8 Sugar - **View**: The market is testing its lower support in the short term. The long - term outlook is for a weak oscillation. - **Logic**: In the international market, the peak of Brazil's bi - weekly sugar production has ended, and the export volume in October has decreased, which may marginally improve the loose international trade flow. However, as the Northern Hemisphere enters the peak crushing season, the supply of new sugar will increase, and the downward pressure on international sugar prices remains. Brazil's cumulative sugar production has increased slightly year - on - year, and the market's expectation of Brazil's production increase has not changed. Thailand and India are expected to increase production in the new season. In the domestic market, the demand from August to September was average, and the industrial inventories in Guangxi and Yunnan have increased year - on - year. Although the tightening of import controls on syrups and premixes and the expected exhaustion of import licenses have made the domestic market relatively strong, there is still downward pressure on the domestic market as the southern sugar enters the peak crushing season [14][15]. 3.9 Pulp - **View**: The market has continued to rise, and the enthusiasm for futures - cash arbitrage has increased. The outlook is for oscillation. - **Logic**: The recent rise is due to the expected increase in the price of downstream paper driven by the increase in packaging paper prices and the improvement in the tender demand for cultural paper, as well as the increase in wood chip prices. From a medium - term perspective, the previously traded bearish factors have not completely ended. Although the bullish factors in downstream demand may bring short - term bullishness, the upward space is expected to be limited. On the fundamental side, the demand for softwood pulp has been low due to formula adjustments in recent years. There is export pressure from overseas to China, and the import price in US dollars remains weak. The hardwood pulp market has an obvious surplus situation. Although the demand has increased seasonally, it is difficult to support the price above the production cost. The futures main contract price is approaching the prices of some brands, and it is difficult for the futures to have a premium under the weak supply - demand background. The large number of expiring warehouse receipts this year will also put pressure on the futures price. However, there are also some bullish factors, such as the obvious increase in the price of packaging paper, the increase in the cost of hardwood imports, and the expected marginal improvement in cultural paper demand in November and December. The paper pulp futures market is inclined to a wait - and - see attitude [16]. 3.10 Double - Glue Paper - **View**: The market has strengthened following the pulp market. The outlook is for oscillation. - **Logic**: The price of double - glue paper in Shandong has remained stable. The market supply is abundant, and the consumption - side support is insufficient. The supply - demand relationship is still weak, and the support from wood pulp is limited. The new production facilities are operating stably, and the paper supply surplus is still severe. The demand side has seen the start of publishing tenders, but the social orders have not improved significantly, and the overall downstream consumption is still weak. Some factories are facing greater production and sales pressure. Although some paper enterprises have announced price increase plans in early November, the market is waiting and seeing, and most prices will remain stable at the end - of - month settlement. The publishing tenders have not yet started intensively, and the demand side has no obvious positive factors. The upstream wood pulp price is under pressure, and the cost support for double - glue paper is limited. The price of double - glue paper is expected to stabilize [17]. 3.11 Logs - **View**: The market is oscillating at the bottom. The outlook is for a weak oscillation. - **Logic**: The log market has remained weak and stable this week. On the one hand, traders are actively selling, and the decline in the sales volume of laminated wood has put pressure on the price of sawn timber, leading to downward pressure on the spot market. On the other hand, New Zealand log suppliers have adjusted their quotes, and there will be a greater pressure of blue - stained timber on the arrival of ships in the future, which will also put pressure on the spot market. The log peak season is gradually ending, and the port outbound volume will decline. After the peak season in mid - fourth quarter, the log inventory may accumulate again. Although the market has a short - term bearish sentiment, the log valuation is not high, and the inventory in the Jiangsu market is relatively low, so the downward space is limited. The speculative side is advised to wait and see [19].

l js 合成橡胶早报 研究中心能化团队 2025/11/7 | 11/4 | 品种 类别 指标 | 10/10 | 10/31 | 11/5 | 11/6 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | 10205 | BR主力合约(12) | 11220 | 10585 | 10235 | 10305 | 70 | -280 | | 35870 | 持つ量 | 28858 | 41491 | 28838 | 83941 | 55103 | 42450 | | 91690 | 需面 成交量 | 71527 | 118284 | 83480 | 128144 | 44664 | 9860 | | 8580 | 仓単数量 | 8120 | 8580 | 8560 | 12300 | 3740 | 3720 | | 20.90 | 虚实比 | 17.77 | 24.18 | 16.84 | 34.12 | 17 | 10 | | તેર | 顺丁基差 | 130 | 165 | -35 | -5 | 30 | -170 | | ...

Group 1: Report Overview - Report Name: Synthetic Rubber Morning Report [2] - Release Date: November 6, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] - Data Sources: Mysteel, Wind [8] Group 2: BR (Butadiene Rubber) Analysis Futures Market - BR主力合约(12): Price on November 5 was 10,235, up 30 from the previous day and down 565 from the previous week [4] - 持仓量: 28,838 on November 5, down 7,032 from the previous day and down 18,547 from the previous week [4] - 成交量: 83,480 on November 5, down 8,210 from the previous day and down 41,857 from the previous week [4] - 仓単数量: 8,560 on November 5, down 20 from the previous day and down 20 from the previous week [4] - 虚实比: 16.84 on November 5, down 4 from the previous day and down 11 from the previous week [4] Basis, Spread, and Inter - Variety Spreads - 顺丁基差: -32 on November 5, down 130 from the previous day and down 35 from the previous week [4] - 丁苯基差: 365 on November 5, down 230 from the previous day and down 85 from the previous week [4] - 12 - 01: 90 on November 5, unchanged from the previous day and up 65 from the previous week [4] - 01 - 02: 10 on November 5, up 10 from the previous day and up 35 from the previous week [4] - RU - BR: 4,615 on November 5, down from the previous day and up 15 from the previous week [4] - NR - BR: 1,700 on November 5, down from the previous day and down 25 from the previous week [4] Spot Market - 山东市场价: 10,200 on November 5, down 100 from the previous day and down 600 from the previous week [4] - 传化市场价: 10,150 on November 5, unchanged from the previous day and down 550 from the previous week [4] - 齐鲁出厂价: 10,200 on November 5, down 300 from the previous day and down 800 from the previous week [4] - CFR东北亚: 1,450 on November 5, unchanged from the previous day and the previous week [4] - CFR东南亚: 1,700 on November 5, unchanged from the previous day and the previous week [4] Profit Analysis - 现货加工利润: 937 on November 5, up 28 from the previous day and up 89 from the previous week [4] - 进口利润: -1,989 on November 5, down 101 from the previous day and down 653 from the previous week [4] - 出口利润: 2,598 on November 5, up 87 from the previous day and up 573 from the previous week [4] Group 3: BD (Butadiene) Analysis Spot Market - 山东市场价: 价格数据不完整 on November 5, down 125 from the previous day and down 675 from the previous week [4] - 江苏市场价: 6,750 on November 5, down 50 from the previous day and down 825 from the previous week [4] - 扬子出厂价: 6,900 on November 5, unchanged from the previous day and down 1,000 from the previous week [4] - CFR中国: 820 on November 5, down 30 from the previous day and down 120 from the previous week [4] Profit Analysis - 乙烯裂解利润: Data incomplete [4] - 碳四抽提利润: Data incomplete [4] - 丁烯氧化脱氢利润: -1,994 on November 5, down 120 from the previous day and down 1,130 from the previous week [4] - 进口利润: -6 on November 5, up 191 from the previous day and up 109 from the previous week [4] - 出口利润: -461 on November 5, down 527 from the previous day and down 642 from the previous week [4] Group 4: Production Profit Analysis of Related Products - 丁苯生产利润: 1,463 on November 5, unchanged from the previous day and up 250 from the previous week [4] - ABS生产利润: Data incomplete, up 58 from the previous day and down 24 from the previous week [4] - SBS生产利润: Data incomplete, down 300 from the previous day and down 500 from the previous week [4]

Report Overview - The report is a daily data report on synthetic rubber, focusing on the domestic butadiene and cis - butadiene rubber markets [2][3] Key Points Market Conditions - **Domestic Butadiene Market**: On November 4, the domestic butadiene market continued its downward trend. The supply was abundant, and the downstream rigid demand couldn't provide effective support. The price in Shandong Luzhong area was around 7000 - 7100 yuan/ton, and the ex - tank self - pick - up price in East China was around 6600 yuan/ton [3] - **Cis - Butadiene Rubber Market**: The capacity utilization rate of China's high - cis butadiene rubber was 64.50%, a decrease of 2.79 percentage points from the previous working day. The theoretical production profit of cis - butadiene rubber increased significantly to 893 yuan/ton [3] Price Changes - **Butadiene**: The price of Sinopec East China butadiene decreased by 300 yuan/ton to 6900 yuan/ton [3] - **Cis - Butadiene Rubber**: The ex - factory price of Sinopec Chemical Sales cis - butadiene rubber remained stable at 10500 yuan/ton [3] Market Expectations - Most industry players expect the cost of cis - butadiene rubber to continue to decline due to the expected increase in butadiene supply and low - price transactions of South Korean butadiene resources. The market generally expects the supply price of Sinopec and PetroChina's cis - butadiene rubber to be further reduced [3] Strategy - **Single - side**: The BR contract is expected to consolidate [3] - **Arbitrage**: After the spread widens again, consider going long on BR and short on RU or NR [3]

Core Viewpoint - The Indian Ministry of Commerce has announced a definitive affirmative ruling on the second sunset review of anti-dumping duties on fluoroelastomers imported from China, recommending a continuation of the duties for another five years, with specific tax rates for different manufacturers [1] Summary by Category Anti-Dumping Duties - The recommended anti-dumping tax rates range from $1.04 to $8.86 per kilogram for fluoroelastomers imported from China [1] - Specific rates include $1.04 per kilogram for Daikin Fluorochemicals (China) Co., Ltd., $1.30 for Zhonghao Chenguang Research Institute of Chemical Industry Co., Ltd., and $3.85 for Chenguang Fluoro and Silicone Elastomers Co., Ltd. [1] - Other Chinese manufacturers face a higher rate of $8.86 per kilogram [1] Product Scope - The products involved in this ruling include various types of fluoroelastomers such as copolymer fluoroelastomers, terpolymer fluoroelastomers, and several specific formulations [1] - Excluded from this ruling are fluoroelastomer compounds and perfluoroether elastomers (FFKM) [1]

Core Viewpoint - The Indian Ministry of Commerce has initiated an anti-dumping investigation into the import of Halo-Isobutene-Isoprene Rubber (HIIR) from China, Singapore, and the United States based on a complaint from Reliance Sibur Elastomers Private Limited [1] Group 1: Investigation Details - The investigation pertains to products under Indian customs codes 40023900, 40021990, 40023100, and 40024900 [1] - The anti-dumping investigation period is set from July 1, 2024, to June 30, 2025, lasting for 12 months [1] - The damage investigation period includes multiple time frames: April 2021 to March 2022, April 2022 to March 2023, April 2023 to March 2024, and July 1, 2024, to June 30, 2025 [1]

中化新网讯 近日，湖南石化橡胶部生产的一批苯乙烯-丁二烯-苯乙烯共聚物(SBS)道路沥青改性专用料 发往位于哥伦比亚的工厂，这是该产品首次出口拉美市场。 SBS性能优异，被广泛应用于道路沥青改性、防水卷材等多种高附加值工业领域。湖南石化是国内最大 的苯乙烯类热塑橡胶生产企业。该公司自主研发的SBS道路沥青改性专用料，具有出色的改性性能和稳 定的加工性能，近年来被广泛应用。 今年前三季度，湖南石化橡胶部通过对生产工艺调整优化，提高单线生产能力，累计生产SBS道路沥青 改性专用料3.1万余吨，10月以来单线平均产能同比提高5%。与海南炼化合资的海南巴陵化工新材料有 限公司目前3条生产线满负荷运行，日产320吨。 ...