SunSirs: SBR Market Slightly Declined

Price trend

The SBR market has declined slightly since March. According to the monitoring of SunSirs, as of March 13, the domestic price of SBR was 11,833 RMB/ton, down 1.87% from the price of 12,058 RMB/ton at the beginning of the month. Since March, the ex-factory price of SBR had been reduced by 200~300 RMB/ton. According to the monitoring of SunSirs, as of March 13, the ex-factory price of Qilu SBR 1502 of Sinopec North China Sales Company was 11,800 RMB/ton. The price of raw material butadiene rose, the price of styrene fell, the cost support of styrene-butadiene rubber weakened, and the operating rate of downstream tires rose slightly. There was a certain rigid demand support for styrene-butadiene rubber, but the transaction of styrene-butadiene rubber was weak due to the drag of natural rubber. As of the 13th, the mainstream offer of SBR 1502 was 11,700~11,950 RMB/ton.

Analysis review

Since March, the price of raw materials butadiene and styrene has declined, and the cost of styrene butadiene rubber has declined. According to the monitoring of SunSirs, the price of butadiene was 9,166 RMB/ton as of March 13, up 5.62% from the price of 9,712 RMB/ton at the beginning of the month; As of March 13, the price of styrene was 8,425 RMB/ton, down 1.56% from the price of 8,558 RMB/ton at the beginning of the month.

There has been little change in the start of SBR since March.

Since March, the natural rubber market has declined, and the impact on styrene-butadiene rubber is negative. According to the monitoring of SunSirs, the price of natural rubber was 11,630 RMB/ton as of March 13, down 3.24% from the price of 12,020 RMB/ton at the beginning of the month.

Since March, the operating rate of downstream tires has risen slightly, but affected by the continuous decline in the price of natural rubber, the purchase of styrene-butadiene rubber is not active. It is understood that by the first ten days of March 2023, the starting load of all steel tires of rubber tire enterprises in Shandong Province was 69%; The starting load of semi-steel tire of domestic rubber tire enterprises was 73%.

Market outlook

Analysts from SunSirs believe that the supply of SBR is stable, and the operating rate of downstream tires is higher, but the price of natural rubber is lower and the cost of SBR is lower. It is expected that SBR will consolidate in a weak manner in the short term, and it is still necessary to pay attention to the accumulation of SBR in the second half of the month.

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