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SunSirs: China SBR Market Situation has significantly Increased

March 21 2024 09:27:43     SunSirs (Selena)

Recently (3.12-3.20), the SBR market has seen a significant upward trend. According to the Commodity Market Analysis System of SunSirs, as of March 20th, the price of SBR in the East China market was 13,691 RMB/ton, an increase of 4.85% from 13,058 RMB/ton on March 12th. During the cycle, the ex factory prices of manufacturers continued to rise. According to the Commodity Market Analysis System of SunSirs, as of March 20th, the ex factory price of Jihua Butadiene in the Northeast region of PetroChina was 13,600 RMB/ton, and the prices offered by merchants followed suit. As of the 20th, the mainstream market price of SBR in Fushun, Jihua, and Yangzi in East China is around 13,600 to 13,900 RMB/ton.

Recently (3.12-3.20), the high level of raw material butadiene has been sorted out, and the price of styrene has slightly increased, providing strong support for the cost of SBR. 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 11,528 RMB/ton on March 12th; As of March 20th, the price of styrene was 9,464 RMB/ton, an increase of 0.57% from 9,410 RMB/ton on March 12th.

Recently (3.12-3.20), some domestic SBR plants have been operating at reduced loads, and the overall operation of SBR plants has slightly decreased to around 70%.

Supply and demand side: Recently, there has been little pressure on the supply side of SBR. The construction of SBR plants is around 70%. In addition, Shenhua plans to shut down the 150,000 ton/year styrene butadiene plant for maintenance starting from the 20th, which will further reduce the supply side of SBR; After the holiday, downstream tire production continued to increase, providing certain support for SBR. It is understood that as of March 14th, the operating load of semi steel tires in domestic tire enterprises was around 79%; The operating load of all steel tires in tire enterprises in Shandong region is close to 70%; Overall, there is some support for the supply and demand of SBR, but as the price of SBR rises, downstream consumers may resist high prices and procurement efforts may slow down.

SunSirs analysts believe that there is strong support for the cost of SBR, and the supply of SBR is expected to slightly decline in the later stage. Downstream tire production has increased to a relatively high level, and demand has strong support for styrene butadiene. However, downstream demand has resisted high priced sources. Recently, purchasing enthusiasm has declined, and it is expected that the SBR market will maintain a high consolidation trend in the short term.

 

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