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]

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]

1. Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: March 23, 2026 [3] 2. BR (Butadiene Rubber) Market Data Futures Market - BR主力合约收盘价: On March 20, it was 15,985, with a daily change of 445 and a weekly change of 260 [4] - 持仓量: Reached 81,121 on March 20, a daily increase of 17,321 and a weekly increase of 59,428 [4] - 成交量: Hit 370,451 on March 20, a daily increase of 69,263 and a weekly increase of 140,338 [4] - 仓単数量: Stood at 47,280 on March 20, a daily decrease of 340 and a weekly decrease of 130 [4] - 虚实比: Reached 8.58 on March 20, a daily increase of 2 and a weekly increase of 6 [4] Basis/Spread/Inter - variety - 顺丁县差: -382 on March 20, a daily decrease of 245 and a weekly decrease of 160 [4] - 丁苯基差: 15 on March 20, a daily decrease of 245 and a weekly decrease of 360 [4] - 05 - 06: 35 on March 20, a daily increase of 35 and a weekly decrease of 20 [4] - 06 - 07: 130 on March 20, a daily increase of 140 and a weekly increase of 170 [4] - RU - BR: 0 on March 20, a daily decrease of 535 and a weekly decrease of 1025 [4] - NR - BR: -3120 on March 20, a daily decrease of 505 and a weekly decrease of 715 [4] Spot Market - 山东市场价: 15,600 on March 20, a daily increase of 200 and a weekly increase of 100 [4] - 传化市场价: 15,600 on March 20, a daily increase of 150 and a weekly increase of 100 [4] - 齐鲁出厂价: 16,300 on March 20, a daily increase of 500 and a weekly increase of 500 [4] - CFR东北亚: 2100 on March 20, with no daily change and a weekly increase of 350 [4] - CFR东南亚: 2275 on March 20, with no daily change and a weekly increase of 350 [4] Profit - 现货加工利润: -2869 on March 20, a daily decrease of 769 and a weekly decrease of 716 [4] - 进口利润: -1270 on March 20, a daily increase of 200 and a weekly decrease of 2693 [4] - 出口利润: 1494 on March 20, a daily decrease of 174 and a weekly increase of 2387 [4] 3. BD (Butadiene) Market Data Spot Market - 山东市场价: 15,950 on March 20, a daily increase of 20 and a weekly increase of 800 [4] - 江苏市场价: 16,050 on March 20, a daily increase of 450 and a weekly increase of 400 [4] - 扬子出厂价: 16,000 on March 20, a daily increase of 500 and no weekly change [4] - CFR中国: 2200 on March 20, a daily increase of 100 and a weekly increase of 300 [4] Profit - 乙烯裂解利润: -31 on March 19, data for March 20 is N/A [4] - 碳四抽提利润: 4112 on March 19, data for March 20 is N/A [4] - 丁烯氧化脱氢利润: 5080 on March 20, a daily increase of 30 and a weekly decrease of 370 [4] - 进口利润: -1255 on March 20, a daily decrease of 330 and a weekly decrease of 2007 [4] - 出口利润: -451 on March 20, a daily decrease of 392, data for some dates is N/A [4] - 丁苯生产利润: -600 on March 20, a daily increase of 125 and a weekly increase of 388 [4] - ABS生产利润: Data for March 20 is N/A [4] - SBS生产利润: -1370 on March 20, no daily change and a weekly increase of 215 [4]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: March 20, 2026 [3] Report Core Content BR (Butadiene Rubber) Futures Market - The closing price of the BR main contract on March 19 was 15,540, with a daily change of 280 and no weekly change [4]. - The open interest on March 19 was 63,800, a daily decrease of 2,574 and a weekly increase of 39,870 [4]. - The trading volume on March 19 was 301,188, a daily increase of 28,366 and a weekly decrease of 28,350 [4]. - The warrant quantity on March 19 was 47,620, a daily decrease of 30 and a weekly increase of 1,290 [4]. - The long - short ratio on March 19 was 6.70, with no daily change and a weekly increase of 4 [4]. Basis and Spread - The butadiene rubber basis on March 19 was - 140, a daily decrease of 180 and no weekly change [4]. - The styrene - butadiene rubber basis on March 19 was 260, a daily decrease of 180 and a weekly decrease of 200 [4]. - The 05 - 06 spread on March 19 was 220, a daily decrease of 30 and a weekly increase of 15 [4]. - The 06 - 07 spread on March 19 was - 10, a daily increase of 10 [4]. - The RU - BR spread on March 19 was not fully provided, with a daily decrease of 590 and a weekly decrease of 982 [4]. - The NR - BR spread on March 19 was - 2,615, a daily decrease of 460 and a weekly decrease of 710 [4]. Spot Market - The Shandong market price on March 19 was 15,400, a daily increase of 100 and no weekly change [4]. - The Transfar market price on March 19 was 15,450, a daily increase of 150 and a weekly decrease of 50 [4]. - The Qilu ex - factory price on March 19 was 15,800, with no daily change and a weekly increase of 200 [4]. - The CFR Northeast Asia price on March 19 was 2,100, with no daily change and a weekly increase of 350 [4]. - The CFR Southeast Asia price on March 19 was 2,275, with no daily change and a weekly increase of 350 [4]. Profit - The spot processing profit on March 19 was - 2,100, a daily decrease of 104 and a weekly decrease of 153 [4]. - The import profit on March 19 was - 1,470, a daily increase of 33 and a weekly decrease of 2,793 [4]. - The export profit on March 19 was 1,668, a daily decrease of 26 and a weekly increase of 2,474 [4]. BD (Butadiene) Spot Market - The Shandong market price on March 19 was 15,000, a daily increase of 200 and a weekly increase of 150 [4]. - The Jiangsu market price on March 19 was 15,600, a daily increase of 350 and a weekly decrease of 150 [4]. - The Yangzi ex - factory price on March 19 was 15,500, a daily increase of 300 and a weekly decrease of 500 [4]. - The CFR China price on March 19 was 2,100, a daily increase of 50 and a weekly increase of 300 [4]. Profit - The ethylene cracking profit on March 17 was 25, and on March 18 was 29, with subsequent data unavailable [4]. - The carbon four extraction profit on March 17 was 4,814, and on March 18 was 4,758, with subsequent data unavailable [4]. - The butene oxidative dehydrogenation profit on March 19 was 5,050, a daily increase of 210 and a weekly decrease of 80 [4]. - The import profit on March 19 was - 925, a daily decrease of 104 and a weekly decrease of 2,553 [4]. - The export profit on March 19 was - 20, a daily increase of 781, with some data unavailable [4]. - The styrene - butadiene production profit on March 19 was - 725, a daily decrease of 338 and a weekly decrease of 150 [4]. - The ABS production profit on March 19 was - 350, a daily decrease of 335 and a weekly decrease of 846 [4]. - The SBS production profit on March 19 was - 1,370, a daily decrease of 345 and a weekly increase of 380 [4].

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]

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].