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SunSirs: China BR Market is Weak and Declining
April 03 2024 14:37:32SunSirs(Selena)

Recently (3.20-3.31), the market price of BR has been weak and declining. According to the commodity market analysis system of SunSirs, as of March 31, the price of BR in the East China region was 13,610 RMB/ton, a decrease of 2.37% from 13,940 RMB/ton on March 20. The high price of raw material butadiene provides support for the cost of BR; The supply of BR has slightly declined; Downstream tire production remained stable at a high level, and caution was exercised in the procurement of BR. The price of BR surged significantly and then fell back.

Recently (3.20-3.31), the price of butadiene has stabilized at a high level, with strong cost support for BR. According to the Commodity Market Analysis System of SunSirs, as of March 20th, the price of butadiene was 11,532 RMB/ton, an increase of 0.03% from March 12th's 11,528 RMB/ton.

Recently (3.20-3.31), the production of BR has slightly decreased: Zhenhua BR plant will be shut down for maintenance starting from the 20th; Zhejiang Chuanhua's BR plant will be shut down for maintenance starting from the 25th.

Demand side: In the near future (3.20-3.31), downstream tire production has remained stable, providing some support for BR. It is understood that as of late March, the operating load of semi steel tires in domestic tire enterprises was around 790%; The operating load of all steel tires in tire enterprises in Shandong region is close to 70%; But in the middle of the month, the price of BR increased significantly, and downstream consumers resisted the high price, resulting in a slowdown in procurement efforts.

SunSirs analysts believe that the price of raw material butadiene is still at a high level, and the cost support for BR is strong; While some devices are being shut down and reduced in load, there are still other maintenance plans in the later stage, and the expectation of starting production of BR is further reduced; The cost and commencement of production support the market for BR. However, the current downstream resistance to the high priced supply of BR has slowed down, putting pressure on the BR market. Overall, the current BR market is expected to maintain a high consolidation level in the short term.


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