In March 2026, the domestic styrene butadiene rubber market emerged from a unilateral strong upward trend, and the price center shifted significantly upward. According to data monitoring by SunSirs, as of March 24th, the benchmark price of domestic SBR market reached 17,516 RMB/ton, a cumulative increase of 33.29% from 13,141 RMB/ton at the beginning of the month.

The ongoing geopolitical conflicts in the Middle East have raised concerns about global crude oil supply, and the high international oil prices have directly pushed up the cost of refined products. As the core raw material of SBR, butadiene has been affected by the reduction of overseas cracking units, the increase of export orders, and the tightening of domestic spot circulation, resulting in a continuous rise in prices. Coupled with the synchronous rise in styrene costs, the cost pressure on SBR production enterprises has increased sharply, and some completely outsourced raw material enterprises have fallen into losses, forced to significantly raise factory prices, becoming the core driving force behind price increases. According to the Commodity Market Analysis System of SunSirs, as of March 24th, the price of butadiene was 16,766 RMB/ton, an increase of 67.78% from 9,993 RMB/ton at the beginning of the month; As of March 24th, the price of styrene was 10,590 RMB/ton, an increase of 38.69% from 7,636 RMB/ton at the beginning of the month.

During the month, some domestic SBR production enterprises have reduced their load operation of their equipment, and some enterprises have maintenance plans in the later stage. The overall operating rate of the industry is low, and the available market supply continues to decrease. At the same time, the inventory of production enterprises remains low, and suppliers have significantly increased their supply prices, further supporting the upward trend of market prices.

Supply and demand side: Since March, downstream tire production has gradually increased, providing essential support for the SBR market. As of March 19th, the construction of semi steel tires by domestic tire companies has reached around 78%; The construction of all steel tires by tire enterprises in Shandong region has reached about 70%.

In the short term, the SBR market will maintain a high range oscillation trend, with a low probability of a significant decline. On the cost side, geopolitical conflicts are difficult to completely alleviate in the short term, and crude oil and butadiene prices are prone to rise but difficult to fall. Cost support remains stable; On the supply side, the maintenance plan for some devices continues, and the tight market supply pattern has not changed, which has formed a bottom support for prices.

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