Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: April 1, 2026 [3] - Data Sources: Mysteel, Wind [8] Core Viewpoints - The report presents a comprehensive analysis of the synthetic rubber market, including price trends, trading volume, inventory, and profit margins of BR and BD, providing data support for market participants to understand the market situation [4] Grouped Key Points BR Market - **Price and Trading Metrics**: The BR主力合约收盘价 was 17,350 on March 31, down 375 from the previous day and up 550 from the previous week. The持仓量 was 72,237, down 14,968 from the previous day and 2,428 from the previous week. The成交量 was 683,189, down 117,690 from the previous day and up 85,438 from the previous week [4] - **Inventory and Basis**: The仓単数量 was 48,740, down 60 from the previous day and up 890 from the previous week. The虚实比 was 7.41, down 2 from the previous day and unchanged from the previous week. The顺丁基差 was 650, up 375 from the previous day and 150 from the previous week. The丁苯基差 was 850, up 175 from the previous day and down 150 from the previous week [4] - **Spread and Inter - Variety Metrics**: The 05 - 06 spread was 195, with a change of -120 from the previous week. The 06 - 07 spread was 290, with a change of 40 from the previous week. The RU - BR spread was -1,005, up 180 from the previous day and down 430 from the previous week. The NR - BR spread was -3,745, up 135 from the previous day and down 255 from the previous week [4] - **Spot Market and Profits**: The山东市场价 was 18,000, unchanged from the previous day and up 700 from the previous week. The传化市场价 was 17,700, down 350 from the previous day and up 300 from the previous week. The齐鲁出厂价 was 19,000, up 500 from the previous day and 500 from the previous week. The CFR东北亚 was 2,350, unchanged from the previous day and the previous week. The CFR东南亚 was 2,600, unchanged from the previous day and the previous week. The现货加工利润 was -2,254, up 408 from the previous day and 1,159 from the previous week. The进口利润 was -850, unchanged from the previous day and with a change of -1,579 from the previous week. The出口利润 was 1,677, unchanged from the previous day and down 568 from the previous week [4] BD Market - **Spot Market and Profits**: The山东市场价 was 17,700, down 400 from the previous day and 450 from the previous week. The江苏市场价 was 17,850, down 250 from the previous day and 350 from the previous week. The扬子出厂价 was 18,200, unchanged from the previous day and up 200 from the previous week. The CFR中国 was 2,580, unchanged from the previous day and up 280 from the previous week. The乙烯裂解利润 was -8 on March 30, and data for March 31 was not available. The碳四抽提利润 on March 27 was 6,749, and data for March 31 was not available. The进口利润 was -2,451, down 250 from the previous day and 2,579 from the previous week. The出口利润 was 1,601, up 1,946 from the previous day and 9,309 from the previous week. The丁苯生产利润 on March 27 was 88, and data for March 31 was not available. The ABS生产利润 on March 24 was -1,659, and data for March 31 was not available. The SBS生产利润 on March 27 was -1,535, and data for March 31 was not available [4]

Report Overview - The report is a synthetic rubber morning report released by the Energy and Chemicals Team of the Research Center on March 31, 2026 [2][3] BR (Butadiene Rubber) Futures Market - On March 30, the closing price of the BR main contract was 17,725, a daily decrease of 115. The open interest was 87,205, a daily decrease of 14,951. The trading volume was 800,879, a daily decrease of 278,976. The warrant quantity was 48,800, a daily decrease of 950. The long - short ratio was 8.93, a daily decrease of 1 [4] - The basis of BR (compared to spot) was 275, a daily increase of 115. The 05 - 06 spread was 100, a daily decrease of 65. The 06 - 07 spread was 235, a daily decrease of 20. The RU - BR spread was - 1,185, a daily increase of 145. The NR - BR spread was - 3,880, a daily increase of 225 [4] Spot Market - The Shandong market price was 18,000, unchanged from the previous day, with a weekly increase of 900. The Transfar market price was 18,050, unchanged from the previous day, with a weekly increase of 850. The Qilu ex - factory price was 18,500, unchanged from the previous day and the week [4] - CFR Northeast Asia was 2,350, unchanged from the previous day, with a weekly increase of 250. CFR Southeast Asia was 2,600, unchanged from the previous day, with a weekly increase of 352 [4] Profit Situation - The spot processing profit was - 2,662, a daily increase of 102. The import profit was - 850, a daily increase of 3. The export profit was 1,677, a daily decrease of 3 [4] BD (Butadiene) Spot Market - The Shandong market price was 18,100, a daily decrease of 100, with a weekly increase of 100. The Jiangsu market price was 18,100, unchanged from the previous day, with a weekly increase of 200. The Yangzi ex - factory price was 18,000, unchanged from the previous day and the week [4] - CFR China was 2,580, a daily decrease of 20, with a weekly increase of 280 [4] Profit Situation - The ethylene cracking profit was 17 (data for March 27, data for March 30 was not available). The carbon - four extraction profit data for March 30 was not available. The butadiene oxidation dehydrogenation profit was 6,150, a daily decrease of 210, with a weekly decrease of 80 [4] - The import profit was - 2,201, a daily increase of 159. The export profit was - 345, a daily increase of 343 [4] - The styrene - butadiene production profit was - 13, a daily decrease of 100. The ABS production profit data for March 30 was not available. The SBS production profit was - 1,655, a daily decrease of 120 [4] Data sources for the report are Mysteel and Wind [8]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: March 19, 2026 [3] - Data Sources: Mysteel, Wind [8] BR (Butadiene Rubber) Futures - Closing price of the BR main contract on March 18 was 15,260, down 270 from the previous day and 355 from the previous week [4] - Open interest on March 18 was 66,374, down 42 from the previous day and up 40,054 from the previous week [4] - Trading volume on March 18 was 272,822, up 8,875 from the previous day and down 1,825 from the previous week [4] - Warehouse receipt quantity on March 18 was 47,650, up 490 from the previous day and 1,330 from the previous week [4] - The virtual - real ratio on March 18 was 6.96, with no daily change and an increase of 4 from the previous week [4] - The butadiene rubber basis on March 18 was 40, up 70 from the previous day [4] - The styrene - butadiene rubber basis on March 18 was 440, up 170 from the previous day and 755 from the previous week [4] - The 05 - 06 spread on March 18 was 250, with no daily change and a decrease of 35 from the previous week [4] - The 06 - 07 spread on March 18 was - 20, down 20 from the previous day and 5 from the previous week [4] - The RU - BR spread on March 18 was 1,140, down 130 from the previous day and 425 from the previous week [4] - The NR - BR spread on March 18 was - 2,155, with a change not clearly stated from the previous day and a decrease of 260 from the previous week [4] Spot - Shandong market price on March 18 was 15,300, down 200 from the previous day and up 300 from the previous week [4] - Transfar market price on March 18 was 15,300, down 200 from the previous day and up 300 from the previous week [4] - Qilu ex - factory price on March 18 was 15,800, with no daily change and an increase of 200 from the previous week [4] - CFR Northeast Asia price on March 18 was 2,100, with no daily change and an increase of 350 from the previous week [4] - CFR Southeast Asia price on March 18 was 2,275, with no daily change and an increase of 350 from the previous week [4] Profit - Spot processing profit on March 18 was - 1,996, down 149 from the previous day and 108 from the previous week [4] - Import profit on March 18 was - 1,503, down 144 from the previous day and 2,410 from the previous week [4] - Export profit on March 18 was 1,694, up 123 from the previous day and 2,137 from the previous week [4] BD (Butadiene) Spot - Shandong market price on March 18 was 14,800, down 50 from the previous day and up 400 from the previous week [4] - Jiangsu market price on March 18 was 15,250, with no daily change [4] - Yangzi ex - factory price on March 18 was 15,200, with no daily change and an increase of 200 from the previous week [4] - CFR China price on March 18 was 2,050, with no daily change and an increase of 250 from the previous week [4] Profit - Ethylene cracking profit data was not available [4] - Carbon four extraction profit on March 17 was 4,814, and data on March 18 was not available [4] - Butene oxidative dehydrogenation profit on March 18 was 4,840, down 210 from the previous day and up 770 from the previous week [4] - Import profit on March 18 was - 821, up 54 from the previous day and down 1,933 from the previous week [4] - Export profit on March 18 was 191, up 1,678 from the previous day and 5,356 from the previous week [4] - Styrene - butadiene production profit on March 18 was - 388, with no daily change and an increase of 38 from the previous week [4] - ABS production profit data was partially not available [4] - SBS production profit on March 18 was - 1,025, with no daily change and a decrease of 155 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 18, 2026 [3] Group 2: BR (Butadiene Rubber) Data Futures Data - BR主力合约收盘价: On March 17, it was 15,530, with a daily change of -170 [4] - 持仓量: On March 17, it was 66,416, with a daily change of 47,037 and a weekly change of 41,674 [4] - 成交量: On March 17, it was 263,947, with a daily change of 64,481 and a weekly change of -64,258 [4] - 仓単数量: On March 17, it was 47,160, with a daily change of -40 and a weekly change of 1,910 [4] - 虚实比: On March 17, it was 7.04, with a daily change of 5 and a weekly change of 4 [4] - 顺丁基差: On March 17, it was -30, with a daily change of 170 and a weekly change of 305 [4] - 丁苯基差: On March 17, it was 270, with a daily change of -30 and a weekly change of 405 [4] Spread Data - 05 - 06: On March 17, it was 250, with a daily change of 10 and a weekly change of -20 [4] - 06 - 07: On March 17, it was 0, with a daily change of 20 and a weekly change of 110 [4] - RU - BR: On March 17, it was 1,270, with a daily change of 100 and a weekly change of -910 [4] - NR - BR: On March 17, it was -2,060, with a daily change of 145 and a weekly change of -810 [4] Spot Data - 山东市场价: On March 17, it was 15,500, with no daily change and a weekly change of 900 [4] - 传化市场价: On March 17, it was 15,500, with no daily change and a weekly change of 1,000 [4] - 齐鲁出厂价: On March 17, it was 15,800, with no daily change and a weekly change of 600 [4] - CFR东北亚: On March 17, it was 2,100, with a daily change of 350 and a weekly change of 375 [4] - CFR东南亚: On March 17, it was 2,275, with a daily change of 350 and a weekly change of 375 [4] Profit Data - 现货加工利润: On March 17, it was -1,847, with a daily change of 204 and a weekly change of 186 [4] - 进口利润: On March 17, it was -1,359, with a daily change of -2,727 and a weekly change of -2,000 [4] - 出口利润: On March 17, it was 1,571, with a daily change of 2,414 and a weekly change of 1,783 [4] Group 3: BD (Butadiene) Data Spot Data - 山东市场价: On March 17, it was 14,850, with a daily change of -200 and a weekly change of 700 [4] - 江苏市场价: On March 17, it was 15,250, with a daily change of -375 and a weekly change of 950 [4] - 扬子出厂价: On March 17, it was 15,200, with a daily change of -500 and a weekly change of 200 [4] - CFR中国: On March 17, it was 2,050, with no daily change and a weekly change of 250 [4] Profit Data - 乙烯裂解利润: On March 13, it was -35, and data for March 17 is not available [4] - 碳四抽提利润: On March 16, it was 5,155, and data for March 17 is not available [4] - 丁烯氧化脱氢利润: On March 17, it was 5,050, with a daily change of -375 and a weekly change of 1,930 [4] - 进口利润: On March 17, it was -875, with a daily change of -375 and a weekly change of -976 [4] - 出口利润: On March 17, it was -797, with a daily change of 1,016 and a weekly change of 3,502 [4] - 丁苯生产利润: On March 17, it was -388, with a daily change of 375 and a weekly change of 438 [4] - ABS生产利润: On March 17, it was -40, and data for some days is not available [4] - SBS生产利润: On March 17, it was -1,025, with a daily change of 350 and a weekly change of -122 [4] Group 4: Data Source - Data sources: Mysteel, Wind [8]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - No clear core viewpoints are presented in the given content 3. Summary According to Relevant Catalogs BR (Butadiene Rubber) - **Contract Information**: The closing price of the BR main contract on 2/11 was 13,020, with a daily increase of 160 and a weekly increase of 165. The holding volume was 24,037, down 1,421 daily and 9,303 weekly. The trading volume was 198,743, up 3,412 daily and down 112,959 weekly. The warehouse receipt quantity was 36,910, up 2,270 daily and 7,740 weekly. The virtual - real ratio was 3.26, with no daily change and a weekly decrease of 2 [3]. - **Basis and Spread**: The butadiene - BR basis was - 420, down 110 daily and 215 weekly. The styrene - butadiene - BR basis was 30, down 110 daily and 115 weekly. The 02 - 03 spread was - 145, down 135 daily and 375 weekly. The 03 - 04 spread was - 50, down 10 daily and up 20 weekly. The RU - BR spread was 3,475, up 80 daily and 235 weekly. The NR - BR spread was 425, up 55 daily and 145 weekly [3]. - **Spot Price**: The Shandong market price was 12,600, up 50 daily and down 50 weekly. The Transfar market price was 12,650, up 50 daily and 100 weekly. The Qilu ex - factory price was 12,800, with no daily change and a weekly decrease of 200. The CFR Northeast Asia price was 1,700, with no daily change and a weekly increase of 75. The CFR Southeast Asia price was 1,850, with no daily change and a weekly increase of 25 [3]. - **Profit**: The spot processing profit was - 463, down 52 daily and 484 weekly. The import profit was - 1,171, up 50 daily and down 577 weekly. The export profit was 1,189, down 44 daily and up 162 weekly [3]. BD (Butadiene) - **Spot Price**: The Shandong market price was 10,650, up 100 daily and 425 weekly. The Jiangsu market price was 10,350, up 50 daily and 250 weekly. The Yangzi ex - factory price was 10,300, with no daily change and no weekly change. The CFR China price was 1,270, with no daily change and no weekly change [3]. - **Profit**: The ethylene cracking profit was not available for the latest data. The carbon - four extraction profit was not available for the latest data. The butylene oxidation - dehydrogenation profit was 1,900, up 50 daily and 390 weekly. The import profit was 282, up 50 daily and 294 weekly. The export profit was - 861, down 44 daily [3]. - **Production Profit**: The styrene - butadiene production profit was 900, with no daily change and an increase of 38 weekly. The ABS production profit data was not available. The SBS production profit was - 860, with no daily change and an increase of 45 weekly [3].

1. Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: February 10, 2026 [3] 2. BR (Butadiene Rubber) Data Summary Futures Data - On February 9, the closing price of the BR main contract was 12,810, up 20 from the previous day and down 375 week - on - week [4] - The position was 27,608, up 331 from the previous day and down 9,713 week - on - week [4] - The trading volume was 174,314, down 30,875 from the previous day and down 103,781 week - on - week [4] - The number of warehouse receipts was 32,270, up 100 from the previous day and up 4,380 week - on - week [4] - The long - short ratio was 4.28, unchanged from the previous day and down 2 week - on - week [4] Basis and Spread Data - The butadiene - styrene basis was 190, down 70 from the previous day and up 175 week - on - week [4] - The 02 - 03 spread was - 255, down 270 from the previous day and down 60 week - on - week [4] - The 03 - 04 spread was - 15, up 40 from the previous day and up 45 week - on - week [4] - The RU - BR spread was 3435, up 145 from the previous day and up 440 week - on - week [4] - The NR - BR spread was 340, up 80 from the previous day and up 430 week - on - week [4] Spot and Price Data - The Shandong market price was 12,500, down 200 from the previous day and down 300 week - on - week [4] - The Chuanhua market price was 12,600, down 100 from the previous day and down 100 week - on - week [4] - The Qilu ex - factory price was 12,800, unchanged from the previous day and down 200 week - on - week [4] - CFR Northeast Asia was 1700, up 75 from the previous day and up 75 week - on - week [4] - CFR Southeast Asia was 1850, up 25 from the previous day and up 25 week - on - week [4] Profit Data - The spot processing profit was - 382, down 328 from the previous day and down 224 week - on - week [4] - The import profit was - 1294, down 756 from the previous day and down 842 week - on - week [4] - The export profit was 1297, up 318 from the previous day and up 392 week - on - week [4] 3. BD (Butadiene) Data Summary Spot and Price Data - The Shandong market price was 10,475, up 125 from the previous day and down 75 week - on - week [4] - The Jiangsu market price was 10,300, up 50 from the previous day and down 200 week - on - week [4] - The Yangzi ex - factory price was 10,300, unchanged from the previous day and down 200 week - on - week [4] - CFR China was 1270, unchanged from the previous day and unchanged week - on - week [4] Profit Data - The ethylene cracking profit data on February 9 was N/A [4] - The C4 extraction profit data on February 9 was N/A [4] - The butene oxidative dehydrogenation profit was 1780, up 100 from the previous day and down 130 week - on - week [4] - The import profit was 215, up 74 from the previous day and down 166 week - on - week [4] - The export profit was - 804, down 63 from the previous day and up 2090 week - on - week [4] Production Profit Data - The styrene - butadiene production profit was 900, up 38 from the previous day and up 188 week - on - week [4] - The ABS production profit data after February 5 was N/A [4] - The SBS production profit was - 860, up 45 from the previous day and up 185 week - on - week [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs BR (Butadiene Rubber) - **Futures**: The closing price of the BR main contract on January 28th was 13,265, with a daily change of 220 and a weekly change not fully legible; the holding volume was 76,340, a daily decrease of 3,155 and a weekly decrease of 20,342; the trading volume was 514,932, a daily decrease of 234,887 and a weekly increase of 332,175; the warrant quantity was 28,220, a daily increase of 100 and a weekly increase of 1,300; the virtual - real ratio was 13.53, a daily decrease of 1 and a weekly decrease of 4; the butadiene rubber basis was -315, a daily decrease of 70 and a weekly increase of 105; the styrene - butadiene basis was -72 (illegible in original data), a daily decrease of 220 and a weekly increase of 5; the 02 - 03 spread was -75, a daily decrease of 35 and a weekly increase of 5; the 03 - 04 spread was 10, a daily decrease of 5 and a weekly increase of 30; the RU - BR spread was 3,095, a daily decrease of 65 and a weekly decrease of 485; the NR - BR spread was -75, a daily decrease of 115 and a weekly decrease of 540 [4] - **Spot**: The Shandong market price was 12,950, a daily increase of 150 and a weekly increase of 1,100; the Transfar market price was 12,900, a daily increase of 150 and a weekly increase of 1,050; the Qilu ex - factory price was 13,000, with no daily change and a weekly increase of 1,000; the CFR Northeast Asia price was 1,520, with no daily change and no weekly change; the CFR Southeast Asia price was 1,785, a daily increase of 35 and a weekly increase of 35 [4] - **Profit**: The spot processing profit was 15, a daily increase of 380 and a weekly increase of 616; the import profit was 271, a daily increase of 149 and a weekly increase of 1,117; the export profit was 511, a daily increase of 113 and a weekly decrease of 729 [4] BD (Butadiene) - **Spot**: The Shandong market price was 10,525, a daily decrease of 225 and a weekly increase of 475; the Jiangsu market price was 10,450, a daily decrease of 250 and a weekly increase of 600; the Yangzi ex - factory price was 10,600, a daily decrease of 200 and a weekly increase of 700; the CFR China price was 1,270, with no daily change and a weekly increase of 90 [4] - **Profit**: The carbon four extraction profit was not fully available in the data; the import profit was 319, a daily decrease of 250 and a weekly decrease of 95; the export profit was -1,035, a daily increase of 774 and a weekly change not fully legible; the styrene - butadiene production profit was 180 (illegible in original data), a daily increase of 350 and a weekly increase of 438; the ABS production profit data was not fully available; the SBS production profit was -1,130, a daily increase of 140 and a weekly decrease of 135 [4]