Butadiene Morning Market Update

I. Key Points

1. Suppliers maintain firm offers with limited willingness to lower prices.
2. Downstream buyers remain cautious and are in a wait-and-see mode, resulting in lackluster purchasing activity.

Core Logic: The market is oscillating due to the tug-of-war between supply and demand fundamentals.

II. Price Table

Notes:

1. CFR China prices are in USD/ton; crude oil prices are in USD/barrel; all other prices are in CNY/ton.
2. Prices represent point-in-time values from the two preceding working weeks prior to this week, not weekly averages.
3. Change rate refers to the period-over-period fluctuation.

III. Market Outlook

In the short term, the tightness of spot resources has eased somewhat compared to previous periods, slightly alleviating concerns about future supply. However, guidance for the market remains limited. Most downstream plants continue to operate at low loads, indicating that demand recovery requires more time. Downstream purchasing intentions remain cautious, which may weigh on market trends. Consequently, the domestic butadiene market is expected to fluctuate within a high range.

IV. Data Calendar

Legend:

1. ↓↑ indicates significant volatility, highlighting data dimensions with fluctuations exceeding 3%.
2. ↗↘ indicates minor fluctuations, highlighting data with changes within 0–3%.