1. Report Industry Investment Rating - No information provided 2. Core View of the Report - No information provided 3. Summary by Relevant Catalogs BR (Butadiene Rubber) - **Futures Data**: On March 16, the closing price of the BR main contract was 15,700, with a daily change of -25 and a weekly change of -135; the position was 19,379, down 2,314 daily and 15,201 weekly; the trading volume was 199,466, down 30,647 daily and 79,066 weekly; the warrant quantity was 47,200, down 210 daily and up 4,270 weekly; the long - short ratio was 2.05, with a daily change of 0 and a weekly change of -2 [4]. - **Basis and Spread**: The butadiene - styrene basis was 300, down 75 daily and 862 weekly; the 05 - 06 spread was 240, down 35 daily and 240 weekly; the 06 - 07 spread was -20, up 20 daily and down 162 weekly; the RU - BR spread was 1,170, up 130 daily and 110 weekly; the NR - BR spread was -2,205, up 200 daily and 20 weekly [4]. - **Spot Price**: The Shandong market price was 15,500, with no daily change and a weekly decrease of 300; the Transfar market price was 15,500, with no daily change and a weekly decrease of 400; the Qilu ex - factory price was 15,800, with no daily change and a weekly decrease of 500; CFR Northeast Asia was 1,750, with no daily change and a weekly increase of 25; CFR Southeast Asia was 1,925, with no daily change and a weekly increase of 25 [4]. - **Profit**: The spot processing profit was -2,051, up 102 daily; the import profit was 1,368, with no daily change and a weekly decrease of 453; the export profit was -843, up 50 daily [4]. BD (Butadiene) - **Spot Price**: The Shandong market price was 15,050, down 100 daily and 950 weekly; the Jiangsu market price was 15,625, down 25 daily and up 175 weekly; the Yangzi ex - factory price was 15,700, down 300 daily and up 200 weekly; CFR China was 2,050, up 150 daily and 550 weekly [4]. - **Profit**: The ethylene cracking profit data was unavailable on March 16; the carbon four extraction profit data was unavailable on March 16; the butene oxidative dehydrogenation profit was 5,425, down 25 daily; the import profit was -500, down 1,252 daily and 4,075 weekly; the export profit was -1,813, up 3477 weekly; the butadiene - styrene production profit was -763, up 225 daily and down 213 weekly; the ABS production profit data was unavailable after March 12; the SBS production profit was -1,375, up 210 daily and down 415 weekly [4].

Report Overview - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: March 13, 2026 [3] 1. BR (Butadiene Rubber) Futures and Spot Market Data Futures Data - **BR主力合约收盘价**: On March 12, it was 15,540, a daily decrease of 75 and a weekly increase of 1,330 compared to February 11 [4]. - **持仓量**: On March 12, it was 23,930, a daily decrease of 2,390 and a weekly decrease of 11,023 [4]. - **成交量**: On March 12, it was 329,538, a daily increase of 54,891 and a weekly decrease of 15,348 [4]. - **仓単数量**: On March 12, it was 46,330, a daily increase of 10 and a weekly increase of 4,990 [4]. - **虚实比**: On March 12, it was 2.58, with no daily change and a weekly decrease of 2 [4]. Basis, Spread, and Inter - Variety Spread - **顺丁县差**: On March 12, it was 360, a daily increase of 975 and a weekly increase of 570 [4]. - **丁苯基差**: On March 12, it was 460, a daily increase of 775 and a weekly increase of 570 [4]. - **05 - 06**: On March 12, it was 205, a daily decrease of 80 [4]. - **06 - 07**: On March 12, it was - 75, a daily decrease of 60 and a weekly increase of 15 [4]. - **RU - BR**: On March 12, it was 1,535, a daily decrease of 30 and a weekly decrease of 810 [4]. - **NR - BR**: On March 12, it was - 1,905, a daily decrease of 10 and a weekly decrease of 1,065 [4]. Spot Market Data - **山东市场价**: On March 12, it was 15,900, a daily increase of 900 and a weekly increase of 1,900 [4]. - **传化市场价**: On March 12, it was 15,800, a daily increase of 800 and a weekly increase of 1,900 [4]. - **齐鲁出厂价**: On March 12, it was 15,600, with no daily change and a weekly increase of 2,200 [4]. - **CFR东北亚**: On March 12, it was 1,750, with no daily change and a weekly increase of 25 [4]. - **CFR东南亚**: On March 12, it was 1,925, with no daily change and a weekly increase of 25 [4]. Profit Data - **现货加工利润**: On March 12, it was - 1,447, a daily increase of 441 and a weekly decrease of 548 [4]. - **进口利润**: On March 12, it was 1,829, a daily increase of 922 and a weekly increase of 1,756 [4]. - **出口利润**: On March 12, it was - 1,246, a daily decrease of 803 and a weekly decrease of 1,527 [4]. 2. BD (Butadiene) and Related Product Market Data Spot Market Data - **BD价格**: On March 12, it was 5,130, a daily increase of 1,060 and a weekly increase of 1,690 [4]. - **山东市场价**: On March 12, it was 14,850, a daily increase of 450 and a weekly increase of 2,400 [4]. - **江苏市场价**: On March 12, it was 15,750, a daily increase of 500 and a weekly increase of 3,300 [4]. - **扬子出厂价**: On March 12, it was 16,000, a daily increase of 1,000 and a weekly increase of 3,800 [4]. - **CFR中国**: On March 12, it was 1,800, with no daily change and a weekly increase of 420 [4]. Profit Data - **乙烯裂解利润**: Data for March 12 was not available, previous data showed a change trend from - 48 to 51 [4]. - **碳四抽提利润**: On March 11, it was 5,837, data for March 12 was not available [4]. - **丁烯氧化脱氢利润**: Data was not provided [4]. - **进口利润**: On March 12, it was 1,634, a daily increase of 522 and a weekly increase of 81 [4]. - **出口利润**: On March 12, it was - 1,974, a daily increase of 2,160 and a weekly increase of 738 [4]. Production Profit of Related Products - **丁苯生产利润**: On March 12, it was - 575, a daily decrease of 150 and a weekly decrease of 388 [4]. - **ABS生产利润**: Data was not available after March 5 [4]. - **SBS生产利润**: On March 12, it was - 1,750, a daily decrease of 880 and a weekly decrease of 1,045 [4]. 3. Data Source - The data sources are Mysteel and Wind [8]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - No clear core viewpoints are presented in the provided text. The report mainly offers data on the market conditions of synthetic rubber, including prices, positions, trading volumes, and profits. 3. Summary by Relevant Catalogs BR (Butadiene Rubber) - **Price and Volume Indicators**: - The closing price of the main contract on May 29 was 11,345, a decrease of 200 from the previous day and 550 from the previous week [3]. - The position volume of the main contract was 33,898, a decrease of 18,987 from the previous day and an increase of 20,344 from the previous week [3]. - The trading volume of the main contract was 163,945, a decrease of 11,339 from the previous day and an increase of 89,034 from the previous week [3]. - The warehouse receipt quantity was 12,290, an increase of 1,870 from the previous day and 1,800 from the previous week [3]. - The virtual - real ratio was 13.79, a decrease of 12 from the previous day and an increase of 7 from the previous week [3]. - **Basis and Spread**: - The basis for cis - polybutadiene (BR) was - 135, a decrease of 240 from the previous day and 440 from the previous week [3]. - The basis for styrene - butadiene rubber (SBR) relative to BR was 265, a decrease of 390 from the previous day and 440 from the previous week [3]. - The spread between contracts 06 - 07 was - 60, an increase of 5 from the previous day and 75 from the previous week [3]. - The spread between contracts 07 - 08 was 175, an increase of 20 from the previous day and 45 from the previous week [3]. - **Market Prices**: - The market price in Shandong was 13,650, an increase of 1,850 from the previous day and 1,450 from the previous week [3]. - The market price in Zhejiang Chuanhua was 13,500, an increase of 1,850 from the previous day and 1,300 from the previous week [3]. - The ex - factory price of Qilu was 13,700, an increase of 1,500 from the previous day and 1,000 from the previous week [3]. - **Processing and Trade Profits**: - The spot processing profit was 179, an increase of 1,060 from the previous day and 1,297 from the previous week [3]. - The disk processing profit was 164, an increase of 1,300 from the previous day and 1,587 from the previous week [3]. - The import profit was - 1,214, an increase of 104 from the previous day and a decrease of 743 from the previous week [3]. - The export profit was 1,981, a decrease of 231 from the previous day and an increase of 415 from the previous week [3]. BD (Butadiene) - **Market Prices**: - The market price in Shandong was 11,050, an increase of 775 from the previous day and 150 from the previous week [3]. - The market price in Jiangsu was 11,000, an increase of 850 from the previous day and 350 from the previous week [3]. - The ex - factory price of Yangzi was 11,100, an increase of 900 from the previous day and 600 from the previous week [3]. - The CFR China price was 11,082, an increase of 1,390 from the previous day and 1,133 from the previous week [3]. - **Processing and Trade Profits**: - The carbon tetrachloride extraction profit was 3,459, an increase of 513 from the previous day and 92 from the previous week [3]. - The butene oxidative dehydrogenation profit was 816, a decrease of 520 from the previous day and 1,090 from the previous week [3]. - The import profit was - 139, a decrease of 659 from the previous day and 870 from the previous week [3]. - The export profit was - 576, an increase of 700 from the previous day and 699 from the previous week [3]. Downstream Profits - The cis - polybutadiene production profit was 179, an increase of 1,060 from the previous day and 1,297 from the previous week [3]. - The styrene - butadiene production profit was 1,075, an increase of 775 from the previous day and 500 from the previous week [3]. - The ABS production profit was 418, an increase of 491 from the previous day and 401 from the previous week [3]. - The SBS 791 - H production profit was 330, a decrease of 630 from the previous day and 280 from the previous week [3]. Spreads - **Inter - Variety Spreads**: - The spread between RU - BR was 3,340, an increase of 485 from the previous day and 425 from the previous week [3]. - The spread between NR - BR was 1,085, a decrease of 15 from the previous day and an increase of 250 from the previous week [3]. - The spread between Thai mixed rubber and cis - polybutadiene was 3,000, an increase of 450 from the previous day and 650 from the previous week [3]. - The spread between 3L and styrene - butadiene rubber was 3,450, an increase of 100 from the previous day and 300 from the previous week [3]. - **Intra - Variety Spreads**: - The spread between standard and non - standard cis - polybutadiene was 250, an increase of 100 from the previous day and 100 from the previous week [3]. - The spread between SBR 1502 and 1712 was 1,700, an increase of 800 from the previous day and 700 from the previous week [3].