How is China's SBR supply-demand balance evolving, and what are the trade dynamics?

How is China's SBR supply-demand balance evolving, and what are the trade dynamics?
China's SBR market remains oversupplied, with no new capacity added for five consecutive years through 2020. Total capacity was 1.71 million tons in 2021, but utilization ran at only 68%, reflecting weak downstream demand and environmental restrictions. Emulsion SBR (ESBR) dominates at about 87% of capacity, while solution SBR (SSBR) accounts for 13%. Imports reached 392,400 tons in 2024, with Russia as the top source at 23% of the total, followed by South Korea, Germany, and Singapore. Exports have grown steadily to 201,900 tons in 2024. Domestic ESBR faces intense homogeneous competition, while SSBR producers lag global leaders in competitiveness and operating rates.