1. Report Title and Date - The report is titled "Synthetic Rubber Morning Report" and was released on March 26, 2026, by the Energy and Chemicals Team of the Research Center [2][3] 2. BR (Butadiene Rubber) Data 2.1 Futures Market - The closing price of the BR main contract on March 25 was 17,720, with a daily change of 920 and a weekly change of 2,460 [4] - The open interest was 115,005, up 40,340 from the previous day and 48,631 from the previous week [4] - The trading volume was 890,104, an increase of 292,353 from the previous day and 617,282 from the previous week [4] - The warrant quantity was 47,910, up 60 from the previous day and 260 from the previous week [4] - The long - short ratio was 12.00, with a daily change of 4 and a weekly change of 5 [4] 2.2 Basis and Spread - The basis of cis - butadiene rubber was - 320, with a daily change of - 820 and a weekly change of - 360 [4] - The basis of styrene - butadiene rubber was 80, with a daily change of - 920 and a weekly change of - 360 [4] - The spread between 05 - 06 contracts was 300, with a daily change of 190 [4] - The spread between 06 - 07 contracts was 285, with a daily change of 35 and a weekly change of 305 [4] - The spread between RU - BR was - 1,290, with a daily change of - 715 and a weekly change of - 2,430 [4] - The spread between NR - BR was - 4,155, with a daily change of - 665 and a weekly change of - 2,000 [4] 2.3 Spot Market - The Shandong market price was 17,400, up 100 from the previous day and 2,100 from the previous week [4] - The Transfar market price was 17,400, unchanged from the previous day and up 2,100 from the previous week [4] - The Qilu ex - factory price was 18,500, unchanged from the previous day and up 2,700 from the previous week [4] - CFR Northeast Asia was 2,350, unchanged from the previous day and up 250 from the previous week [4] - CFR Southeast Asia was 2,600, unchanged from the previous day and up 325 from the previous week [4] 2.4 Profit - The spot processing profit was - 3,211, up 202 from the previous day and down 1,215 from the previous week [4] - The import profit was - 1,398, up 109 from the previous day and up 105 from the previous week [4] - The export profit was 2,151, with a daily change of - 95 and a weekly change of 457 [4] 3. BD (Butadiene) Data 3.1 Spot Market - The Shandong market price on March 25 was 18,050, down 100 from the previous day and up 3,250 from the previous week [4] - The Jiangsu market price was 18,550, up 350 from the previous day and up 3,300 from the previous week [4] - The Yangzi ex - factory price was 18,000, unchanged from the previous day and up 2,800 from the previous week [4] - CFR China was 2,350, up 50 from the previous day and up 300 from the previous week [4] 3.2 Profit - The ethylene cracking profit on March 24 was 73 [4] - The carbon - four extraction profit on March 24 was 7,174 [4] - The price of BD on March 25 was 6,530, unchanged from the previous day and up 1,690 from the previous week [4] - The import profit was 96, down 31 from the previous day and up 918 from the previous week [4] - The export profit was - 1,125, up 861 from the previous day and up 4,045 from the previous week [4] - The styrene - butadiene production profit was 50, unchanged from the previous day and up 438 from the previous week [4]

Group 1: Report Information - Report title: Synthetic Rubber Morning Report [2] - Research team: Research Center's Energy and Chemicals Team [3] - Report date: March 12, 2026 [3] - Data sources: Mysteel, Wind [8] Group 2: BR (Butadiene Rubber) Information Futures - BR main contract closing price on March 11: 15,615, daily change of 680, weekly change of 1,790 [4] - Open interest on March 11: 26,320, daily change of 1,578, weekly change of -6,650 [4] - Trading volume on March 11: 274,647, daily change of -23,558, weekly change of -1,815 [4] - Warehouse receipt quantity on March 11: 46,320, daily change of 1,070, weekly change of 5,080 [4] - Long - short ratio on March 11: 2.84 [4] - Butadiene rubber basis on March 11: -615, daily change of -280, weekly change of -190 [4] - Styrene - butadiene basis on March 11: -315, daily change of -180, weekly change of -190 [4] - 02 - 03 spread on March 11: -245, daily change of -280, weekly change of -102 [4] - 03 - 04 spread on March 11: -1,030, daily change of -392, weekly change of -932 [4] - RU - BR spread on March 11: 1,565, daily change of -615, weekly change of -1,350 [4] - NR - BR spread on March 11: -1,895, daily change of -645, weekly change of -1,605 [4] Spot - Shandong market price on March 11: 15,000, daily change of 400, weekly change of 1,600 [4] - Chuanhua market price on March 11: 15,000, daily change of 500, weekly change of 1,600 [4] - Qilu ex - factory price on March 11: 15,600, daily change of 400, weekly change of 2,200 [4] - CFR Northeast Asia on March 11: 1,750 [4] - CFR Southeast Asia on March 11: 1,925, daily change of 25, weekly change of 25 [4] Profit - Spot processing profit on March 11: -1,888, daily change of 145, weekly change of -1,460 [4] - Import profit on March 11: 907, daily change of 266, weekly change of 1,486 [4] - Export profit on March 11: -443, daily change of -232, weekly change of -1,294 [4] Group 3: BD (Butadiene) Information Spot - Shandong market price on March 11: 14,400, daily change of 250, weekly change of 3,000 [4] - Jiangsu market price on March 11: 15,250, daily change of 950, weekly change of 4,050 [4] - Yangzi ex - factory price on March 11: 15,000, daily change of 0, weekly change of 3,700 [4] - CFR China on March 11: 1,800, daily change of 0, weekly change of 480 [4] Profit - Ethylene cracking profit on March 10: 51 [4] - C4 extraction profit on March 10: 6,100 [4] - Butene oxidative dehydrogenation profit: 1,850 [4] - Import profit on March 11: 1,112, daily change of 1,012, weekly change of 380 [4] - Export profit on March 11: -3,583, daily change of -41, weekly change of -1,990 [4] - Styrene - butadiene production profit on March 11: -425, daily change of 400, weekly change of -950 [4] - ABS production profit: Data not available [4] - SBS production profit on March 11: -870, daily change of 0, weekly change of -360 [4]

1. Report Overview - The report is titled "Synthetic Rubber Morning Report" and is from the Energy and Chemicals Team of the Research Center, dated March 9, 2026 [2][3] 2. BR (Butadiene Rubber) Data 2.1. Futures Data - On March 6, the BR主力合约收盘价 was 14,760, with a daily increase of 550 and a weekly increase of 2,130; the持仓量 was 34,971, up 18 daily and down 9,781 weekly; the volume was 299,661, down 45,225 daily and up 162,263 weekly; the warehouse receipt quantity was 41,430, up 90 daily and 560 weekly; the long - short ratio was 4.22, unchanged daily [4] 2.2. Basis/Month - spread/Inter - variety Spread - The cis - butadiene basis was - 460 on March 6, down 250 daily and 280 weekly; the styrene - butadiene basis was - 360, down 250 daily and 630 weekly; the 02 - 03 spread was - 970, down 545 daily; the 03 - 04 spread was - 45, up 15 daily and 85 weekly; the RU - BR spread was 2,075, down 270 daily and 2,450 weekly; the NR - BR spread was - 1,190, down 350 daily and 2,325 weekly [4] 2.3. Spot Data - The Shandong market price was 14,300 on March 6, up 300 daily and 1,850 weekly; the Transfar market price was 14,200, up 300 daily and 1,800 weekly; the Qilu ex - factory price was 14,300, up 900 daily and 1,700 weekly; CFR Northeast Asia was 1,725, unchanged daily and up 25 weekly; CFR Southeast Asia was 1,900, unchanged daily and up 50 weekly [4] 2.4. Profit Data - The spot processing profit was - 956 on March 6, down 57 daily and 812 weekly; the import profit was 349, up 277 daily and 1,567 weekly; the export profit was 41, down 240 daily and 1,185 weekly [4] 3. BD (Butadiene) Data 3.1. Spot Data - The Shandong market price was 12,800 on March 6, up 350 daily and 2,610 weekly; the Jiangsu market price was 12,650, up 200 daily and 2,600 weekly; the Yangzi ex - factory price was 12,200, unchanged daily and up 2,100 weekly; CFR China was 1,420, up 40 daily and 145 weekly [4] 3.2. Profit Data - The ethylene cracking profit data on March 6 was N/A; the C4 extraction profit data on March 6 was N/A; the butene oxidative dehydrogenation profit was 3,430, down 10 daily and up 1,990 weekly; the import profit was 1,423, down 130 daily and up 1,404 weekly; the export profit was - 2,527, up 185 daily and down 1,863 weekly [4] 4. Production Profit of Related Products - The styrene - butadiene production profit was 600 on March 6, up 788 daily and down 238 weekly; the ABS production profit was - 308, unchanged daily and weekly; the SBS production profit data on March 6 was N/A [4]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No relevant information provided 3. Summary by Related Catalog BR (Butadiene Rubber) - **Futures Market**: The closing price of the BR main contract on March 4 was 13,825, with a daily change of 290 and a weekly change of 780. The trading volume on March 4 was 276,462, a daily decrease of 8,952 and a weekly increase of 177,975. The open interest on March 4 was 32,970, a daily decrease of 2,543 and a weekly increase of 22,430. The warehouse receipt quantity on March 4 was 41,240, a daily increase of 100 and a weekly increase of 1,370. The long - short ratio on March 4 was 4.00, with a daily change of 0 and a weekly change of 3 [4]. - **Basis/Spread/Inter - variety**: The butadiene - styrene basis on March 4 was - 125, a daily decrease of 195 and a weekly decrease of 230. The 02 - 03 spread on March 4 was - 140, a daily decrease of 555 and a weekly decrease of 405. The 03 - 04 spread on March 4 was - 55, a daily increase of 20 and a weekly decrease of 20. The RU - BR spread on March 4 was 2,915, a daily decrease of 390 and a weekly decrease of 1,280. The NR - BR spread on March 4 was - 290, a daily decrease of 260 and a weekly decrease of 1,225 [4]. - **Spot Market**: The Shandong market price on March 4 was 13,400, a daily increase of 350 and a weekly increase of 600. The Chuanhua market price on March 4 was 13,400, a daily increase of 200 and a weekly increase of 600. The Qilu ex - factory price on March 4 was 13,400, a daily increase of 100 and a weekly increase of 400. The CFR Northeast Asia price on March 4 was 1,725, with no daily change and a weekly increase of 25. The CFR Southeast Asia price on March 4 was 1,900, with no daily change and a weekly increase of 50 [4]. - **Profit**: The spot processing profit on March 4 was - 428, a daily increase of 197 and a weekly decrease of 216. The import profit on March 4 was - 580, a daily increase of 280 and a weekly increase of 339. The export profit on March 4 was 851, a daily decrease of 241 and a weekly decrease of 117 [4]. BD (Butadiene) - **Spot Market**: The Shandong market price on March 4 was 11,400, a daily increase of 150 and a weekly increase of 800. The Jiangsu market price on March 4 was 11,200, a daily increase of 250 and a weekly increase of 900. The Yangzi ex - factory price on March 4 was 11,300, a daily increase of 300 and a weekly increase of 900. The CFR China price on March 4 was 1,320, a daily increase of 45 and a weekly increase of 45 [4]. - **Profit**: The ethylene cracking profit data on March 4 was not available. The carbon four extraction profit data on March 4 was not available. The butene oxidative dehydrogenation profit on March 4 was 2,260, a certain increase compared to previous data. The import profit on March 4 was 732, a daily decrease of 152 and a weekly increase of 500. The export profit on March 4 was - 1,593, a daily decrease of 210 and a weekly decrease of 743. The butadiene - styrene production profit on March 4 was 488, a daily decrease of 225 and a weekly decrease of 488. The ABS production profit data on March 4 was not available. The SBS production profit on March 4 was - 510, a daily increase of 290 and a weekly increase of 235 [4].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - After the Spring Festival, the inventory of synthetic rubber has increased, and the actual transactions are light. In the short - term, it may rise significantly due to the Middle East situation. In the long - term, the long - term bullish logic remains unchanged with the resumption of production of downstream tire factories, the construction of overseas tire factory capacity, and the expected clearance of butadiene capacity [3] 3. Summary by Relevant Catalogs 3.1 Market Review - As of February 26, 2026, the ex - factory price of Sinopec's BR9000 was 13,000 yuan/ton, and that of PetroChina's BR9000 was 13,000 - 13,150 yuan/ton. During the Spring Festival, the crude oil market rose sharply, and the change in US import tariff policy had potential positive sentiment for the export of downstream terminal products. The price increase of natural rubber after the festival also drove the active price - testing of butadiene rubber. However, due to high inventory and the expected increase in butadiene downstream maintenance in March, the cost support weakened, and the downstream procurement intention was low [4] 3.2 Factors Affecting Butadiene Rubber 3.2.1 Supply - Last week, the domestic butadiene production was [not clearly given] tons, with a capacity utilization rate of [not clearly given]%; the high - cis butadiene rubber production was [not clearly given] tons, with a capacity utilization rate of [not clearly given]%. Some butadiene plants restarted, and the capacity utilization rate of butadiene rubber increased to a high level [3] 3.2.2 Demand - The capacity utilization rate of tire sample enterprises increased significantly compared with the previous period. After the Spring Festival, many tire enterprises resumed work one after another, and the production scheduling was in the process of gradual improvement [3] 3.2.3 Inventory - Last week, the butadiene port inventory was [not clearly given] tons, with a [not clearly given] change; the inventory of high - cis butadiene rubber enterprises + traders was [not clearly given] tons, with a [not clearly given] change. The butadiene inventory increased slightly due to factors such as reduced imports and limited demand, and the butadiene rubber inventory continued to rise [3] 3.2.4 Basis - The basis of butadiene rubber in North China was - 380 yuan/ton, in East China was - 280 yuan/ton, and in South China was - 280 yuan/ton [3] 3.2.5 Spread/Price Ratio - The RU - BR spread was 4525 yuan/ton; the NR - BR spread was 1135 yuan/ton; the BR - SC price ratio was - 0.36% [3] 3.2.6 Profit - The production profit of butadiene oxidative dehydrogenation was 1780 yuan/ton, and that of C4 extraction was 3154.44 yuan/ton; the production profit of butadiene rubber was - 6 yuan/ton, with a gross profit margin of - 0.05% [3] 3.2.7 Geopolitical and Macroeconomic Factors - The EIA commercial crude oil inventory in the US increased significantly last week, and the fundamentals of crude oil/naphtha lacked positive support. The confrontation between the US and Iran was tense, and the situation in the Strait of Hormuz was at risk. The "Two Sessions" in China were about to be held. The conflict between Thailand and Cambodia on the border restarted, which had positive sentiment support for natural rubber. Overseas petrochemical plants were gradually cleared, and the cost - side advantage would gradually appear in the medium - and long - term [3] 3.3 Investment Views and Trading Strategies 3.3.1 Investment Views - In the short - term, it may rise significantly; in the long - term, the long - term bullish logic remains unchanged [3] 3.3.2 Trading Strategies - Unilateral: Adopt the idea of buying on dips and grasp the market and capital rhythm. Arbitrage: Arrange long BR and short NR/RU [3] 3.4 Industry Data 3.4.1 Price Data - There are detailed price data of butadiene, butadiene rubber, styrene - butadiene rubber in different regions and from different companies, including ex - factory prices and market prices, as well as their daily and weekly changes [7][8] 3.4.2 Correlation Analysis - There are correlation coefficient heat maps of price trends of crude oil, synthetic rubber, and natural rubber - related varieties in 1 - month and 3 - month periods [9] 3.4.3 Equipment Conditions - There are information on the maintenance of butadiene and butadiene rubber production enterprises, including the maintenance capacity, parking time, and driving time. There are also details of the operation and future plans of butadiene and butadiene rubber plants in 2026 [10][11] 3.4.4 Spread and Seasonal Analysis - There are data and seasonal analysis on BR cross - variety spreads, month - to - month spreads, and price ratios [12][13][14] 3.4.5 Cost and Profit Analysis - There are cost and profit analysis of butadiene and butadiene rubber, including production costs, production profits, and their seasonal changes [51][52][57] 3.4.6 Supply, Demand, and Inventory Data - There are data on the production, consumption, and inventory of butadiene and butadiene rubber, as well as the production, inventory, and import and export data of styrene - butadiene rubber and downstream products such as tires and conveyor belts [44][45][49]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: February 27, 2026 [3] BR (Butadiene Rubber) Futures Market - On February 26, the closing price of the BR main contract was 12,700, a daily decrease of 345 and a weekly increase of 195 compared to January 28 [4]. - The open interest was 6,943, a daily decrease of 3,597 and a weekly decrease of 8,047 [4]. - The trading volume was 52,119, a daily decrease of 46,368 and a weekly decrease of 100,054 [4]. - The warrant quantity was 39,870, with no daily change and a weekly increase of 560 [4]. Basis and Spread - The butadiene rubber basis was -100, with a daily increase of 145 and a weekly decrease of 45 [4]. - The styrene - butadiene rubber basis was 300, with no daily change and a weekly decrease of 45 [4]. - The 02 - 03 spread was 310, a daily increase of 45 and a weekly increase of 365 [4]. - The 03 - 04 spread was -70, a daily increase of 5 and a weekly increase of 15 [4]. - The RU - BR spread was 4425, a daily increase of 230 and a weekly increase of 615 [4]. - The NR - BR spread was 1155, a daily increase of 220 and a weekly increase of 480 [4]. Spot Market - The Shandong market price was 12,600, a daily decrease of 200 and a weekly increase of 150 [4]. - The Transfar market price was 12,550, a daily decrease of 250 and a weekly decrease of 50 [4]. - The Qilu ex - factory price was 13,000, with no daily change and a weekly increase of 200 [4]. - The CFR Northeast Asia price was 1,700, with no daily or weekly change [4]. - The CFR Southeast Asia price was 1,850, with no daily or weekly change [4]. Profitability - The spot processing profit was -106, a daily increase of 106 and a weekly increase of 405 [4]. - The import profit was -1034, a daily decrease of 116 and a weekly increase of 283 [4]. - The export profit was 1066, a daily increase of 98 and a weekly decrease of 250 [4]. BD (Butadiene) Spot Market - The Shandong market price was 10,300, a daily decrease of 300 and a weekly decrease of 250 [4]. - The Jiangsu market price was 10,150, a daily decrease of 150 and a weekly decrease of 150 [4]. - The Yangzi ex - factory price was 10,200, a daily decrease of 200 and a weekly decrease of 100 [4]. - The CFR China price was 1275, with no daily change and the weekly comparison was N/A [4]. Profitability - The ethylene cracking profit was N/A, and previous data showed a range from -21 to -34 [4]. - The C4 extraction profit was N/A, and previous data showed a range from 3154 to 3604 [4]. - The import profit was 143, a daily decrease of 88, and the weekly comparison was N/A [4]. - The export profit was -771, a daily increase of 79 and a weekly increase of 50 [4]. Production Profit - The styrene - butadiene production profit was 1163, a daily increase of 150 and a weekly increase of 250 [4]. - The ABS production profit was -308, a daily increase of 16 and a weekly decrease of 139 [4]. - The SBS production profit was -701, a daily increase of 140 and a weekly increase of 240 [4].

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: February 26, 2026 [3] Key Summary BR (Butadiene Rubber) - **Futures Data**: The closing price of the BR main contract on February 25 was 13,045, with no daily change and a weekly increase of 540. The open interest was 10,540, with no daily change and a weekly decrease of 4,450. The trading volume was 98,487, with no daily change and a weekly decrease of 53,686. The warrant quantity was 39,870, with no daily change and a weekly increase of 560. The long - short ratio was 1.32, with no daily change and a weekly decrease of 1 [4]. - **Basis and Spread**: The butadiene rubber basis was - 245, with no daily change and a weekly decrease of 190. The styrene - butadiene rubber basis was 105, with no daily change and a weekly decrease of 240. The 02 - 03 spread was - 665, with no daily change and a weekly increase of 320. The 03 - 04 spread was - 75, with no daily change and a weekly increase of 10. The RU - BR spread was 4,195, with no daily change and a weekly increase of 385. The NR - BR spread was 4,195, with no daily change and a weekly increase of 260 [4]. - **Spot Price**: The Shandong market price was 12,800, with no daily change and a weekly increase of 350. The Transfar market price was 12,800, with no daily change and a weekly increase of 200. The Qilu ex - factory price was 13,000, with no daily change and a weekly increase of 200. The CFR Northeast Asia price was 1,700, with no daily change and no weekly change. The CFR Southeast Asia price was 1,850, with no daily change and no weekly change [4]. - **Profit**: The spot processing profit was - 212, with no daily change and a weekly increase of 299. The import profit was - 919, with no daily change and a weekly increase of 398. The export profit was 968, with no daily change and a weekly decrease of 348 [4]. BD (Butadiene) - **Spot Price**: The Shandong market price was 10,600, with no daily change and a weekly increase of 50. The Jiangsu market price was 10,300, with no daily change and no weekly change. The Yangzi ex - factory price was 10,400, with no daily change and a weekly increase of 100. The CFR China price was 1,275, with a daily increase of 5 [4]. - **Profit**: The ethylene cracking profit was - 33. The carbon four extraction profit was 3,174. The butylene oxidation dehydrogenation profit was 1,780, with no daily change and a weekly decrease of 140. The import profit was 232, with a daily decrease of 39. The export profit was - 850, with a weekly decrease of 30. The styrene - butadiene production profit was 1,013, with no daily change and a weekly increase of 100. The ABS production profit was not available. The SBS production profit was - 745, with no daily change and a weekly increase of 100 [4]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: February 3, 2026 [3] Key Data Summary BR (Butadiene Rubber) - **Futures Data**: On February 2, the closing price of the BR main contract was 12,900, a daily decrease of 490 and a weekly decrease of 145; the position was 39,702, a daily decrease of 13,679 and a weekly decrease of 39,793; the trading volume was 437,309, a daily decrease of 235,411 and a weekly decrease of 312,510; the warrant quantity was 28,310, a daily decrease of 10 and a weekly increase of 190; the long - short ratio was 7.01, a daily decrease of 2 and a weekly decrease of 7 [4]. - **Basis and Spread Data**: The butadiene - styrene basis was 300, a daily increase of 390 and a weekly increase of 145; the 02 - 03 spread was - 105, a daily decrease of 10 and a weekly decrease of 65; the 03 - 04 spread was - 35, a daily increase of 25 and a weekly decrease of 50; the RU - BR spread was 3080, a daily increase of 110 and a weekly decrease of 80; the NR - BR spread was 25, a daily increase of 180 and a weekly decrease of 15 [4]. - **Spot Price Data**: The Shandong market price was 12,750, a daily decrease of 200 and a weekly decrease of 50; the Transfar market price was 12,700, a daily decrease of 200 and a weekly decrease of 50; the Qilu ex - factory price was 13,000, with no daily or weekly change; CFR Northeast Asia was 1625, a daily increase of 75 and a weekly increase of 75; CFR Southeast Asia was 1825, a daily increase of 40 and a weekly increase of 75 [4]. - **Profit Data**: The spot processing profit was - 211, a daily decrease of 47 and a weekly increase of 154; the import profit was - 497, a daily decrease of 780 and a weekly decrease of 619; the export profit was 944, a daily increase of 444 and a weekly increase of 546 [4]. BD (Butadiene) - **Spot Price Data**: The Shandong market price was 10,550, a daily decrease of 150 and a weekly decrease of 200; the Jiangsu market price was 10,400, a daily decrease of 200 and a weekly decrease of 300; the Yangzi ex - factory price was 10,500, a daily decrease of 100 and a weekly decrease of 300; CFR China was 1270, with a weekly increase of 20 [4]. - **Profit Data**: The ethylene cracking profit data was incomplete, with the last available data on January 30 at - 29; the carbon four extraction profit data was incomplete; the butene oxidative dehydrogenation profit was 1740, a daily decrease of 200 and a weekly decrease of 370; the import profit was 285, a daily decrease of 193 and a weekly decrease of 442; the export profit was - 866, a daily increase of 168 [4]. Production Profit of Related Products - The butadiene - styrene production profit was 663, a daily increase of 75 and a weekly increase of 388; the ABS production profit data was incomplete; the SBS production profit was - 1105, a daily increase of 70 and a weekly increase of 165 [4].

Group 1: Report Information - Report title: Synthetic Rubber Morning Report [2] - Research team: Research Center's Energy and Chemicals Team [3] - Report date: January 28, 2026 [3] Group 2: BR (Butadiene Rubber) Analysis Futures Market - On January 27, the closing price of the BR main contract was 13,045, a daily decrease of 220 and a weekly increase of 1,130 [4] - The open interest was 79,495, a daily decrease of 12,159 and a weekly decrease of 14,231 [4] - The trading volume was 749,819, a daily increase of 2,350 and a weekly increase of 621,761 [4] Spot Market - The warehouse receipt quantity was 28,120, a daily increase of 600 and a weekly increase of 2,490 [4] - The long - short ratio was 14.13, a daily decrease of 3 and a weekly decrease of 4 [4] Basis and Spread - The butadiene rubber basis was -145, a daily increase of 220 and a weekly increase of 120 [4] - The styrene - butadiene rubber basis was 155, a daily increase of 220 and a weekly increase of 70 [4] - The 02 - 03 spread was -40, a daily increase of 60 and a weekly increase of 15 [4] - The 03 - 04 spread was 15, a daily decrease of 25 [4] Price and Profit - The RU - BR spread was 3,160, a daily increase of 195 and a weekly decrease of 670 [4] - The NR - BR spread was 40, a daily increase of 220 and a weekly decrease of 660 [4] - The Shandong market price was 12,900, with no daily change and a weekly increase of 1,250 [4] - The Transfar market price was 12,900, with no daily change and a weekly increase of 1,300 [4] - The Qilu ex - factory price was 13,000, with no daily change and a weekly increase of 1,300 [4] - The CFR Northeast Asia price was 1,550, with no daily or weekly change [4] - The CFR Southeast Asia price was 1,750, with no daily or weekly change [4] - The spot processing profit was -265, a daily increase of 306 and a weekly increase of 179 [4] - The import profit was 222, a daily increase of 16 and a weekly increase of 1,269 [4] - The export profit was 310, a daily decrease of 15 and a weekly decrease of 1,105 [4] Group 3: BD (Butadiene) Analysis Spot Market - The Shandong market price was 10,750, a daily decrease of 300 and a weekly increase of 1,050 [4] - The Jiangsu market price was 10,700, a daily decrease of 200 and a weekly increase of 1,150 [4] - The Yangzi ex - factory price was 10,800, with no daily change and a weekly increase of 1,200 [4] - The CFR China price was 1,270, a daily increase of 20 and a weekly increase of 90 [4] Profit - The ethylene cracking profit data was unavailable [4] - The carbon four extraction profit was 3,794 (data for January 26, subsequent data unavailable) [4] - The butene oxidative dehydrogenation profit was 2,160, a daily decrease of 150 and a weekly increase of 1,200 [4] - The import profit was 570, a daily decrease of 345 and a weekly increase of 457 [4] - The export profit was -1,670, a daily increase of 303 [4] - The styrene - butadiene production profit was 275, with no daily change and a weekly decrease of 63 [4] - The ABS production profit data was unavailable [4] - The SBS production profit was -1,270, with no daily change and a weekly decrease of 215 [4] Group 4: Data Source - Data sources: Mysteel, Wind [8]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: January 27, 2026 [3] - Data Source: Mysteel, Wind [8] Key Points 1. BR (Butadiene Rubber) Futures Market - The closing price of the BR main contract on January 26 was 13,265, with a daily increase of 335 and a weekly increase of 1,680 [4]. - The open interest on January 26 was 91,654, a daily decrease of 35,722 and a weekly increase of 652 [4]. - The trading volume on January 26 was 747,469, a daily increase of 390,791 and a weekly increase of 641,385 [4]. - The warrant quantity on January 26 was 27,520, a daily increase of 600 and a weekly increase of 3,190 [4]. - The long - short ratio on January 26 was 16.65, a daily decrease of 7 and a weekly decrease of 2 [4]. Basis, Spread, and Inter - variety Spread - The butadiene rubber basis on January 26 was - 365, a daily decrease of 135 and a weekly decrease of 330 [4]. - The styrene - butadiene rubber basis on January 26 was - 65, a daily change of 0 and a weekly decrease of 380 [4]. - The 02 - 03 spread on January 26 was - 100, a daily decrease of 25 and a weekly decrease of 45 [4]. - The 03 - 04 spread on January 26 was 40, a daily increase of 70 and a weekly increase of 80 [4]. - The RU - BR spread on January 26 was 2,962, a daily decrease of 420 and a weekly decrease of 1,070 [4]. - The NR - BR spread on January 26 was - 180, a daily decrease of 345 and a weekly decrease of 1,145 [4]. Spot Market - The Shandong market price on January 26 was 12,900, a daily increase of 200 and a weekly increase of 1,350 [4]. - The Transfar market price on January 26 was 12,900, a daily increase of 200 and a weekly increase of 1,450 [4]. - The Qilu ex - factory price on January 26 was 12,700, with no daily change and a weekly increase of 1,000 [4]. - The CFR Northeast Asia price remained at 1,550 on January 26, with no daily or weekly change [4]. - The CFR Southeast Asia price remained at 1,750 on January 26, with no daily or weekly change [4]. Profit Situation - The spot processing profit on January 26 was - 571, a daily increase of 149 and a weekly decrease of 231 [4]. - The import profit on January 26 was 206, a daily increase of 219 and a weekly increase of 1,346 [4]. - The export profit on January 26 was 325, a daily decrease of 191 and a weekly decrease of 1,171 [4]. 2. BD (Butadiene) Spot Market - The Shandong market price on January 26 was 11,050, a daily increase of 50 and a weekly increase of 1,250 [4]. - The Jiangsu market price on January 26 was 10,900, a daily increase of 200 and a weekly increase of 1,600 [4]. - The Yangzi ex - factory price on January 26 was 10,800, a daily increase of 300 and a weekly increase of 1,400 [4]. - The CFR China price on January 26 was 1,250, a daily increase of 50 and a weekly increase of 70 [4]. Profit Situation - The carbon - four extraction profit was 3,228 (data for January 23, subsequent data is N/A) [4]. - The butene oxidative dehydrogenation profit on January 26 was 2,310, a daily increase of 200 and a weekly increase of 1,600 [4]. - The import profit on January 26 was 914, a daily decrease of 179 and a weekly increase of 1,046 [4]. - The export profit data has many N/A values and cannot be accurately summarized. 3. Other Product Production Profits - The styrene - butadiene production profit on January 26 was 275, a daily increase of 75 and a weekly decrease of 275 [4]. - The ABS production profit data has many N/A values and cannot be accurately summarized. - The SBS production profit on January 26 was - 1,270, a daily increase of 190 and a weekly decrease of 730 [4].