Butadiene Morning Briefing (2026-09-08)

I. Key Focus Points

1. The primary downstream segment, synthetic rubber, is trending upward, strengthening market sentiment and keeping merchant offers firm.
2. Downstream enterprises are showing weak follow-through in procurement driven by rigid demand, with caution and a wait-and-see stance gaining ground.

Core logic: Suppliers maintain firm offers while downstream buyers remain cautious, keeping the market in high-level consolidation.

II. Price List

Notes:

1. CFR China is in USD/ton and crude oil is in USD/barrel; all other units are RMB/ton.
2. The two prices are point-in-time prices from the two working weeks preceding the current week, not weekly averages.
3. Change rate is calculated on a period-on-period basis.

III. Market Outlook

Domestic butadiene supply is unlikely to see a notable increase in the near term. Meanwhile, uncertainty over the situation in the Middle East keeps crude oil prices elevated, and the key downstream synthetic rubber segment is moving higher — all of which is lifting market sentiment. Suppliers are concluding auctions at premiums, and traders are actively holding firm offers, making low-priced spot resources hard to find. However, amid heavy cost pressure, downstream enterprises have successively announced production rate cuts, and their rigid demand for butadiene lacks follow-through. As cautious, wait-and-see sentiment builds, the domestic butadiene market is expected to remain rangebound at high levels with fluctuations.

IV. Data Calendar

Notes:

1. ↓↑ indicates a significant fluctuation, highlighting data dimensions with a change exceeding 3%.
2. ↗↘ indicates a slight fluctuation, highlighting data with a change within 0–3%.