Report Information - Report Title: Synthetic Rubber Weekly Report - Report Date: July 6, 2025 - Report Author: Yang Honghan - Report Source: Guotai Junan Futures Research Institute [1] Investment Rating - The report does not explicitly mention the industry investment rating. Core Viewpoints - The synthetic rubber market is expected to be under pressure and fluctuate. The cost of butadiene, a key raw material for cis - butadiene rubber, is weakening due to increased supply pressure in the domestic butadiene market. The cis - butadiene rubber market shows a pattern of both supply and demand growth, with supply growth exceeding demand growth, leading to greater fundamental pressure. However, the widening NR - BR spread to around 1,500 yuan/ton may support the single - sided price of cis - butadiene rubber [2][3][4]. Summary by Directory 1. Market Outlook and Analysis - **Futures - end Static Valuation**: The static valuation range of cis - butadiene rubber futures is 10,700 - 11,700 yuan/ton. The dynamic valuation is expected to decline due to weak butadiene trading. The upper valuation limit of the futures is around 11,700 - 11,800 yuan/ton, and the lower theoretical valuation limit is around 11,200 yuan/ton. The theoretical full - cost estimate of cis - butadiene rubber is mainly based on butadiene price * 1.02+(auxiliaries + labor) [4]. - **Butadiene Fundamentals**: Asian butadiene prices remain stable, while the domestic butadiene market is weak with a downward - trending price center. Supply is high as the industry's operating rate is still at a high level year - on - year, and weekly production is maintained at a high level with the resumption of some ethylene plants. Imports are neutral in the short term. Demand from cis - butadiene rubber procurement is neutral, and there is also rigid demand from styrene - butadiene, ABS, and SBS. Inventories show an increase in producer inventories and a slight decline in port inventories [4]. - **Cis - Butadiene Rubber Fundamentals**: The processing profit of cis - butadiene rubber is gradually returning above the break - even line, and the supply - side operating rate is expected to remain high year - on - year and increase month - on - month. Demand remains high, and substitution demand is expected to increase. Inventories are continuously at a high level year - on - year. The fundamentals have a weak driving force for synthetic rubber, and the spot is expected to fluctuate in the short term [4]. - **Cis - Butadiene Rubber Futures**: In the short term, cis - butadiene rubber is under pressure. The cost side is affected by the weakening butadiene market, and the market shows a pattern where supply growth exceeds demand growth, resulting in greater fundamental pressure. The widening NR - BR spread may support the price [4]. - **Strategy**: Short - term weakness in single - sided trading; the NR - BR spread is expected to widen [4]. 2. Butadiene Fundamentals - **Pricing Stage**: Butadiene is currently in the supply - demand pricing stage, with a low correlation with the raw material end [7]. - **Capacity Expansion**: To support the expansion of downstream industries such as ABS, SBS, styrene - butadiene, and cis - butadiene rubber, butadiene capacity is continuously expanding, and the expansion speed and amplitude are slightly faster than those of downstream industries at certain stages [9]. - **New Capacity**: In 2024, a total of 380,000 tons of new capacity was put into operation, and in 2025, a total of 860,000 tons of new capacity is expected to be put into operation, mainly through the C4 extraction process [11]. - **Supply - side - Operating Rate**: The operating rate of the butadiene industry remains at a high level year - on - year, and weekly production is high. Some enterprises have maintenance plans, which will affect production to some extent [13][14][15]. - **Net Imports**: The report provides data on butadiene imports, exports, and net imports, but does not make a specific analysis of the trend [16]. - **Demand - side - Capacity of Cis - Butadiene and Styrene - Butadiene Rubber**: The capacity of cis - butadiene and styrene - butadiene rubber is also expanding, with new projects being put into operation in different regions [17][18][19]. - **Demand - side - Operating and Maintenance of Cis - Butadiene and Styrene - Butadiene Rubber**: The operating rates of cis - butadiene and styrene - butadiene rubber show different trends, and some enterprises have maintenance and production adjustment plans [22][23][24]. - **Demand - side - Capacity of ABS and SBS**: The capacity of ABS and SBS is also increasing, with significant capacity increments in 2024 and 2025 [25][26][27][28]. - **Demand - side - Fundamentals of ABS and SBS**: The operating rate, profit, inventory, and capacity utilization rate of ABS and SBS show different trends, reflecting the market supply - demand relationship [29][30]. - **Inventory - side**: Butadiene producer inventories are increasing, while port inventories are slightly decreasing [31][32][33]. 3. Synthetic Rubber Fundamentals - **Cis - Butadiene Rubber - Supply - Production**: The weekly production of high - cis cis - butadiene rubber shows different trends in different years, and the operating rate remains at a certain level [38]. - **Cis - Butadiene Rubber - Supply - Cost and Profit**: The theoretical production cost, profit, and gross profit margin of cis - butadiene rubber show different trends over time [40][41][42]. - **Cis - Butadiene Rubber - Supply - Import and Export**: The monthly import and export volumes of cis - butadiene rubber show different trends in different years [43][44]. - **Cis - Butadiene Rubber - Supply - Inventory**: The weekly enterprise inventory, futures inventory, and trader inventory of cis - butadiene rubber show different trends [47][48]. - **Cis - Butadiene Rubber - Demand - Tires**: The inventory and operating rate of domestic tires (full - steel and semi - steel) show different trends, reflecting the demand for cis - butadiene rubber in the tire industry [51][52].

Group 1: Report Summary - Strategy suggestion: The short-term price of the br2508 contract is expected to fluctuate between 11,000 and 11,500 [7] - Market review: This week, the spot price of domestic butadiene rubber was weakly consolidating, with the Shandong market spot price fluctuating between 11,200 and 11,700 yuan/ton. The ex-factory prices of high-cis butadiene rubber of Sinopec and PetroChina sales companies were stable. As of July 3, 2025, the mainstream ex-factory price of high-cis butadiene rubber in China was between 11,700 and 11,800 yuan/ton [8] - Market outlook: Affected by the weak raw material market and continuous shipment pressure, industry players are cautiously waiting and watching. Driven by the high inventory reduction of individual production enterprises, the overall inventory of domestic butadiene rubber enterprises decreased slightly this week. However, the shipment pressure of downstream enterprises remains high, and the inventories of production enterprises and trading enterprises are expected to increase slightly. In terms of demand, the capacity utilization rate of domestic tire enterprises decreased week-on-week this week. Some semi-steel tire enterprises had maintenance arrangements for 4 - 11 days, and some enterprises operated at reduced loads, significantly dragging down the overall capacity utilization rate. Most tire enterprises maintained stable production schedules, and individual enterprises had maintenance arrangements for 4 - 5 days, resulting in a slight decline in capacity utilization rate. Next week, as enterprise maintenance gradually ends and production resumes, it will drive up the overall capacity utilization rate of tire enterprises [8] Group 2: Futures Market - Price trend: This week, the price of the synthetic rubber futures main contract fluctuated and closed flat, with a weekly change of +0% [12] - Position analysis: Not detailed in the provided content - Inter - month spread: As of July 4, the spread between the 8th and 9th contracts of butadiene rubber was 75 [19] - Warehouse receipts: As of July 4, the butadiene rubber warehouse receipts were 700 tons, unchanged from last week [22] Group 3: Spot Market - Spot price: As of July 3, the price of Qilu Petrochemical BR9000 in the Shandong market was 11,500 yuan/ton, a decrease of 50 yuan/ton from last week [27] - Basis: As of July 3, the basis of butadiene rubber was 315 yuan/ton, an increase of 40 yuan/ton from last week [27] Group 4: Upstream Market - Naphtha and ethylene prices: As of July 3, the CFR mid - price of naphtha in Japan was reported at 577.38 US dollars/ton, an increase of 9.26 US dollars/ton from last week; the CIF mid - price of Northeast Asian ethylene was reported at 850 US dollars/ton, unchanged from last week [30] - Butadiene capacity utilization and inventory: As of July 4, the weekly capacity utilization rate of butadiene was 70.91%, an increase of 1.2% from last week; the port inventory of butadiene was 22,330 tons, a decrease of 5,120 tons from last week [33] Group 5: Industry Situation - Production and capacity utilization: In June 2025, the domestic butadiene rubber production was 122,500 tons, a decrease of 16,900 tons from the previous month. As of July 3, the weekly capacity utilization rate of domestic butadiene rubber was 66.98%, an increase of 0.18% from last week [36] - Production profit: As of July 3, the domestic butadiene rubber production profit was - 164 yuan/ton, an increase of 414 yuan/ton from last week [39] - Inventory: As of July 4, the domestic butadiene rubber social inventory was 33,100 tons, a decrease of 870 tons from last week; the manufacturer inventory was 26,350 tons, a decrease of 1,300 tons from last week; the trader inventory was 6,800 tons, an increase of 430 tons from last week [42] Group 6: Downstream Market - Tire capacity utilization: As of July 3, the capacity utilization rate of domestic semi - steel tire sample enterprises was 64.13%, a week - on - week decrease of 6.27 percentage points and a year - on - year decrease of 15.85 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 61.53%, a week - on - week decrease of 0.70 percentage points and a year - on - year decrease of 0.96 percentage points [45] - Tire export: In May 2025, China's tire export volume was 758,700 tons, a month - on - month increase of 8.87% and a year - on - year increase of 11.48%. From January to May, China's cumulative tire export volume was 3.4042 million tons, a cumulative year - on - year increase of 7.18%. Among them, the export volume of passenger car tires was 289,100 tons, a month - on - month increase of 12.23% and a year - on - year increase of 8.33%. From January to May, the cumulative export volume of passenger car tires was 1.3353 million tons, a cumulative year - on - year increase of 4.94%. The export volume of truck and bus tires was 437,800 tons, a month - on - month increase of 6.74% and a year - on - year increase of 12.93%. From January to May, the cumulative export volume of truck and bus tires was 1.9275 million tons, a cumulative year - on - year increase of 7.85% [48]

Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: July 4, 2025 [3] Key Data Summary BR (Butadiene Rubber) - **Price and Volume**: The closing price of the main contract on July 3 was 11,185, down 75 from the previous day and 10 from the previous week. The trading volume was 105,416, an increase of 15,541 from the previous day and a decrease of 2,914 from the previous week. The open interest was 28,760, an increase of 871 from the previous day and a decrease of 7,623 from the previous week [4]. - **Basis and Spread**: The basis of butadiene rubber (BR) and the spread between different months showed various changes. For example, the 7 - 8 month spread was 125 on July 3, down 25 from the previous day but up 5 from the previous week [4]. - **Market Price**: The Shandong market price remained at 11,500 on July 3, unchanged from the previous day but down 50 from the previous week. The Chuanhua market price was 11,300, down 50 from the previous day and 50 from the previous week [4]. - **Processing and Trade Profits**: The spot processing profit was 324 on July 3, an increase of 77 from the previous day and 409 from the previous week. The import profit was -83,792, a decrease of 45 from the previous day [4]. BD (Butadiene) - **Price and Volume**: The Shandong market price on July 3 was 8,800, down 75 from the previous day and 450 from the previous week. The Jiangsu market price was 8,850, down 100 from the previous day and 400 from the previous week [4]. - **Processing and Trade Profits**: The carbon four extraction profit was not available on July 3. The butene oxidative dehydrogenation profit was -454, a decrease of 170 from the previous day and 400 from the previous week [4]. Downstream Profits - **Production Profits**: The production profits of downstream products such as butadiene styrene rubber (SBR), acrylonitrile - butadiene - styrene (ABS), and styrene - butadiene - styrene (SBS) showed positive trends. For example, the SBR production profit was 788 on July 3, an increase of 175 from the previous day [4]. Spread - **Inter - and Intra - Product Spreads**: Different spreads between products and within the same product category changed. For example, the RU - BR spread was -14,745 on July 3, a decrease of 981 from the previous day but an increase of 7,598 from the previous week [4].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report No explicit core view is presented in the provided text. The report mainly presents a series of data on the synthetic rubber market, including prices, trading volumes, positions, and profit margins. 3. Summary by Relevant Catalogs a. BR (Butadiene Rubber) - **Price and Position Data**: On July 2, the closing price of the main contract was 11,260, with no daily change and a weekly increase of 35. The position of the main contract was 27,889, a daily increase of 478. The trading volume was 89,875, a daily decrease of 2,622 and a weekly increase of 52,061. The warehouse receipt quantity was 7,700, with no daily change and a weekly increase of 1,070 [4]. - **Basis and Spread**: The butadiene - styrene basis was 640 on July 2, a daily decrease of 50 and a weekly decrease of 35. The 7 - 8 spread was 150, with no daily or weekly change. The 8 - 9 spread was 82, a daily decrease of 15 and a weekly increase of 5 [4]. - **Market Prices**: The Shandong market price was 11,500 on July 2, a daily decrease of 50 and a weekly decrease of 50. The Chuanhua market price remained at 11,350, and the Qilu ex - factory price remained at 11,700 [4]. - **Processing and Import - Export Profits**: The spot processing profit was 248 on July 2, a daily increase of 282 and a weekly increase of 486. The futures processing profit was 8, a daily increase of 332 and a weekly increase of 571. The import profit was - 83,741, a daily decrease of 66 and a weekly increase of 103. The export profit was - 267, a daily increase of 45 and a weekly increase of 207 [4]. b. BD (Butadiene) - **Market Prices**: The Shandong market price on July 2 was 8,875, a daily decrease of 325 and a weekly decrease of 525. The Jiangsu market price was 8,950, a daily decrease of 200 and a weekly decrease of 400. The Yangzi ex - factory price remained at 9,200, with a weekly decrease of 400 [4]. - **Processing and Import - Export Profits**: The carbon - four extraction profit decreased from 2,790 to 2,116. The butene oxidation - dehydrogenation profit was - 284 on July 2, a daily decrease of 200 and a weekly decrease of 50. The import profit was - 121, a daily decrease of 121 and a weekly decrease of 224. The export profit was - 267, a daily increase of 45 and a weekly increase of 207 [4]. c. Downstream Profits - The butadiene - styrene production profit remained at 613 on July 2, with a weekly increase of 350. The SBS (791 - H) production profit was 840, with a weekly increase of 340 [4]. d. Inter - Variety Spreads - The RU - BR spread was - 13,764 on July 2, a daily decrease of 448 and a weekly decrease of 19,911. The NR - BR spread was - 15,614, a daily decrease of 513 and a weekly decrease of 19,801. The Thai mixed - butadiene spread was 2,450, a daily increase of 50 and a weekly increase of 300 [4]. e. Intra - Variety Spreads - The butadiene - styrene 1502 - 1712 spread was 1,100 on July 2, a daily decrease of 50 and no weekly change [4].

永安合成橡胶早报 研究中心能化团队 2025/7/1 6/26 6/27 6/30 日度变化 周度变化 11250 -25 -325 11195 11275 36383 33472 28291 -5181 17417 108330 96846 96678 -168 -2869 6530 7700 7700 1070 0 -3 27.86 21.74 18.37 10 25 275 3 22 300 125 202 425 450 25 25 25 75 705 675 700 | 36383 | | 播 | 主力合约持仓量 主力合约成交量 | 33898 | 10874 | | 33472 | 28291 | -5181 | 17417 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 108330 | | | | 163945 | 102647 | | 96846 | 96678 | -168 | -2969 | | | | | 仓单数量 | 12290 | 6630 | 6530 | 7700 | 7700 | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - After the geopolitical situation in the Middle East eases, the crude oil market weakens significantly, the butadiene market fluctuates slightly, and the cost - side support for cis - butadiene rubber is insufficient. The spot trading pressure persists, and there are still expectations of a slight increase in the inventory of production and trading enterprises. The capacity utilization rate of domestic tire enterprises fluctuates. The br2508 contract is expected to fluctuate in the range of 10,800 - 11,500 yuan/ton in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of synthetic rubber is 11,250 yuan/ton, a decrease of 25 yuan/ton; the position of the main contract is 28,291, a decrease of 5,181. The 8 - 9 spread of synthetic rubber is 110 yuan/ton, an increase of 10 yuan/ton; the total warehouse receipt quantity of butadiene rubber is 700 tons, with no change [2]. Spot Market - The mainstream prices of BR9000 cis - butadiene rubber from Qilu Petrochemical, Daqing Petrochemical, and Maoming Petrochemical in Shandong and Shanghai remain unchanged. The basis of synthetic rubber is - 25 yuan/ton. Brent crude oil is at 67.77 US dollars/barrel, an increase of 0.04 US dollars/barrel; naphtha CFR Japan is at 569.75 US dollars/ton, an increase of 1 US dollar/ton; Northeast Asian ethylene price is 850 US dollars/ton, with no change; the intermediate price of butadiene CFR China is 1,090 US dollars/ton, an increase of 0.28 US dollars/ton; the mainstream price of butadiene in the Shandong market is 9,325 yuan/ton, an increase of 75 yuan/ton; WTI crude oil is at 65.52 US dollars/barrel [2]. Upstream Situation - The weekly capacity of butadiene is 14.78 million tons, an increase of 0.01 million tons; the weekly capacity utilization rate is 69.75%, a decrease of 0.31 percentage points. The port inventory of butadiene at the end of the week is 27,450 tons, a decrease of 950 tons; the daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 45.02%, an increase of 0.07 percentage points. The monthly output of cis - butadiene rubber is 13.94 million tons, an increase of 1.79 million tons; the weekly capacity utilization rate is 68.54%, an increase of 2.22 percentage points. The weekly production profit of cis - butadiene rubber is - 578 yuan/ton, a decrease of 1,165 yuan/ton; the social inventory at the end of the week is 3.41 million tons, an increase of 0.07 million tons; the manufacturer's inventory at the end of the week is 27,650 tons, an increase of 700 tons; the trader's inventory at the end of the week is 6,370 tons, a decrease of 450 tons [2]. Downstream Situation - The weekly operating rate of domestic semi - steel tires is 78.05%, a decrease of 0.24 percentage points; the weekly operating rate of full - steel tires is 65.64%, an increase of 0.16 percentage points. The monthly output of full - steel tires is 1,182 million pieces, a decrease of 126 million pieces; the monthly output of semi - steel tires is 5,415 million pieces, a decrease of 124 million pieces. The inventory days of full - steel tires in Shandong at the end of the week is 41.93 days, an increase of 0.04 days; the inventory days of semi - steel tires in Shandong at the end of the week is 48.15 days, an increase of 0.73 days [2]. Industry News - As of June 26, the inventory of high - cis cis - butadiene rubber sample enterprises in China is 3.41 million tons, a month - on - month increase of 0.04 million tons and 1.34%. The capacity utilization rate of semi - steel tire sample enterprises in China is 70.40%, a month - on - month decrease of 1.14 percentage points and a year - on - year decrease of 9.61 percentage points; the capacity utilization rate of full - steel tire sample enterprises is 62.23%, a month - on - month increase of 0.84 percentage points and a year - on - year decrease of 0.32 percentage points. In May 2025, China's heavy - truck market sold about 83,000 vehicles (wholesale, including exports and new energy), a month - on - month decrease of 5% and a year - on - year increase of about 6%. From January to May 2025, the cumulative sales of China's heavy - truck market is about 435,500 vehicles, a year - on - year increase of about 1% [2]. Key Points to Watch - No news today [2].

Report Summary Investment Rating No specific investment rating for the industry is provided in the report. Core Viewpoint The report anticipates that synthetic rubber will experience short - term oscillatory movements. The fundamentals of the synthetic rubber industry, including both butadiene and cis - butadiene rubber, are currently in a neutral to slightly weak state, with no obvious trends in the short term [2][4]. Directory Summaries 1. Market Judgment - **Futures - end Static Valuation**: The static valuation range of cis - butadiene rubber futures is 11,200 - 11,800 yuan/ton. The upper valuation limit is around 11,700 - 11,800 yuan/ton, and the lower theoretical valuation limit is 11,200 yuan/ton [4]. - **Butadiene Fundamentals**: Asian butadiene prices remain stable, with a neutral domestic fundamental situation and prices oscillating around 9,300 - 9,500 yuan/ton. Supply is high, imports are neutral, demand is stable, production - enterprise inventories are rising, and port inventories are slightly declining [4]. - **Cis - Butadiene Rubber Fundamentals**: Supply is expected to maintain a high year - on - year level and increase month - on - month. Demand remains high, and inventories are at a high year - on - year level. The fundamentals have a weak driving force, and prices are expected to oscillate in the short term [4]. - **Cis - Butadiene Rubber Futures**: In the short term, with the temporary easing of the Middle East geopolitical situation and the rebound of natural rubber, the cis - butadiene rubber futures are expected to oscillate without an obvious trend [4]. - **Strategy**: Unilateral short - term oscillatory movement; the spread between NR - BR widens [4]. 2. Butadiene Fundamentals - **Capacity Expansion**: To match the expansion of downstream industries, butadiene capacity is continuously expanding, with a slightly faster pace than downstream industries at certain stages. In 2024, the new capacity was 380,000 tons, and in 2025, it is expected to be 860,000 tons [9][11]. - **Supply - side**: The industry's operating rate is at a high year - on - year level. With the resumption of some ethylene plants, the weekly output remains high. Some enterprises have maintenance plans, which will affect production [13][14][15]. - **Net Imports**: Short - term import volumes are neutral [4]. - **Demand - side**: - **Cis - Butadiene and Styrene - Butadiene Rubber Capacity**: New capacity has been put into operation in recent years, and more is expected in 2025 [19]. - **ABS and SBS Capacity**: There was significant capacity expansion in 2024 and 2025 [28]. - **Fundamentals**: ABS has stable operating rates, profits, and inventory levels. SBS has a certain capacity utilization rate [29][30]. - **Inventory - side**: Production - enterprise inventories are rising, and port inventories are slightly declining [4]. 3. Synthetic Rubber Fundamentals - **Cis - Butadiene Rubber Supply**: - **Output**: The weekly output shows certain fluctuations, and the operating rate is expected to remain high [38]. - **Cost and Profit**: The processing profit is gradually returning to above the break - even line [4]. - **Imports and Exports**: Import and export volumes show historical trends [43][44]. - **Inventory**: Enterprise, futures, and trader inventories are at certain levels, with enterprise inventories at a high year - on - year level [48][49]. - **Cis - Butadiene Rubber Demand - side**: - **Tire**: Shandong's all - steel tire inventory and domestic semi - steel and all - steel tire operating rates show historical trends [52][53].

Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: June 27, 2025 [3] Core Data Summary BR (Butadiene Rubber) - **Price and Volume**: On June 26, the closing price of the main contract was 11,195, down 30 from the previous day and 575 from the previous week; the position was 36,383, up 28,760 from the previous day and 21,249 from the previous week; the trading volume was 108,330, up 70,516 from the previous day and 27,228 from the previous week; the warrant quantity was 6,530, down 100 from the previous day and the previous week [4]. - **Basis and Spread**: The butadiene rubber basis was 30 higher than the previous day and 275 higher than the previous week; the 7 - 8 month spread was 120, down 30 from the previous day and 20 from the previous week; the 8 - 9 month spread was 90, up 10 from the previous day and unchanged from the previous week [4]. - **Market Price**: The Shandong market price was 11,550, unchanged from the previous day and down 300 from the previous week; the Chuanhua market price was 11,350, unchanged from the previous day and down 300 from the previous week; the Qilu ex - factory price was 11,700, unchanged from the previous day and down 300 from the previous week [4]. - **Processing and Import - Export**: The spot processing profit was - 85, up 153 from the previous day and 6 from the previous week; the on - disk processing profit was - 440, up 123 from the previous day and down 269 from the previous week; the import profit was - 83,843, unchanged from the previous day and up 2,291 from the previous week; the export profit was - 474, unchanged from the previous day and up 245 from the previous week [4]. BD (Butadiene) - **Market Price**: The Shandong market price was 9,250, down 150 from the previous day and 300 from the previous week; the Jiangsu market price was 9,250, down 100 from the previous day and 350 from the previous week; the Yangzi ex - factory price was 9,600, unchanged from the previous day and up 100 from the previous week; the CFR China price was 1,100, unchanged from the previous day and up 30 from the previous week [4]. - **Processing and Import - Export**: The carbon four extraction profit was N/A; the butene oxidative dehydrogenation profit was - 54, up 180 from the previous day and down 210 from the previous week; the import profit was 179, down 100 from the previous day and 579 from the previous week; the export profit was - 1,021, up 87 from the previous day and down 390 from the previous week [4]. Downstream Products - **Production Profit**: The butadiene - styrene rubber production profit was 263, unchanged from the previous day and down 325 from the previous week; the ABS production profit was 204, down 45 from the previous day and up 206 from the previous week; the SBS (791 - H) production profit was 960 (data incomplete), unchanged from the previous day and down 10 from the previous week [4]. Variety Spreads - **Inter - Variety Spread**: RU - BR was - 22,343, down 28,490 from the previous day and 21,239 from the previous week; NR - BR was - 24,238, down 28,425 from the previous day and 21,384 from the previous week; the Thai mixed - butadiene rubber spread was 2,400, up 250 from the previous day and 370 from the previous week; the 3L - butadiene - styrene rubber spread was 2,750, up 100 from the previous day and 150 from the previous week [4]. - **Intra - Variety Spread**: The butadiene rubber standard - non - standard price spread was 250, unchanged from the previous day and up 50 from the previous week; the butadiene - styrene rubber 1502 - 1712 spread was 1,150, up 50 from the previous day and down 50 from the previous week [4].

合成橡胶产业日报 2025-06-26 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) | 11195 | -30 主力合约持仓量:合成橡胶(日,元/吨) | 36383 | 28760 | | | 合成橡胶7-8价差(日,元/吨) | 120 | -30 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 700 | -100 | | 现货市场 | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 东(日,元/吨) 主流价:顺丁橡胶(BR ...

jis 灰安期货 永安合成橡胶早报 研究中心能化团队 2025/6/24 | | | 指标 | 5/22 | 6/16 | 6/19 | 6/20 | 6/23 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 主力合约收盘价 | 11895 | 11565 | 11770 | 11630 | 11575 | -25 | 10 | | | | 主力合约持仓量 | 13554 | 18319 | 15134 | 13196 | 10874 | -2322 | -7445 | | | 居面 | 主力合约成交量 | 74911 | 159100 | 81102 | 106439 | 102647 | -3792 | -56453 | | | | 仓単数量 | 10490 | 12520 | 6630 | 6630 | 6630 | 0 | -5890 | | | | 虚实比 | 6.46 | 7.32 | 11.41 | તે તે તે આ ગામમ | 8.20 | -2 | T | | | | ...