SunSirs: Plastics and Rubber Industries Bulk Commodity Intelligence (December 18, 2025)

Macroeconomics

1. [Public Budget Revenue] According to data from the Ministry of Finance, from January to November, national general public budget revenue totaled 20,051.6 billion RMB, a year-on-year increase of 0.8%. Of this, national tax revenue was 16,481.4 billion RMB, a year-on-year increase of 1.8%; non-tax revenue was 3,570.2 billion RMB, a year-on-year decrease of 3.7%. Broken down by central and local government, central general public budget revenue was 8,846.4 billion RMB, a year-on-year decrease of 1%; local general public budget revenue was 11,205.2 billion RMB, a year-on-year increase of 2.2%.

2. [Federal Reserve] Federal Reserve Governor Waller stated that the job market indicates the Fed should continue to cut interest rates, and that the Fed's interest rate level is 50 to 100 basis points higher than the neutral rate. Waller does not believe that inflation will accelerate again.

3. [UK CPI] The UK's November CPI slowed to 3.2% year-on-year, the lowest level since March of this year; month-on-month, it decreased by 0.2%, the lowest level since July 2024. The UK's November retail price index decreased by 0.5% month-on-month, the largest decrease since July 2023.

4. [Japanese Exports] Data released by the Japanese Ministry of Finance showed that Japan's exports to the United States increased by 8.8% year-on-year in November, the first increase in eight months. Imports from the US increased by 7.1%, the fourth consecutive month of increase. Japan's exports to China decreased by 2.4% in November.

Plastics and Rubber

1. [PE] On December 17th, the operating status of Shanghai Petrochemical's PE plant was as follows: High-pressure PE1 line is producing J182A, and line 2 has switched to producing LF5600; the 2PE high-pressure unit is scheduled for shutdown and maintenance from December 15th to January 23rd, 2026; the low-pressure unit shut down on November 24th and is scheduled to restart on January 21st, 2026.

2. [BR] Dushanzi Petrochemical's 30,000 tons/year high-cis butadiene rubber plant shut down for maintenance on December 17th, 2025, with the restart time yet to be determined.

3. [BR] On December 17th, China National Petroleum Corporation Northeast Sales Company increased the price of butadiene rubber by 200 RMB/ton: Currently, the ex-factory price of butadiene rubber in Daqing and Jinzhou is 10,900 RMB/ton, for delivery from Northeast China warehouses.

4. [Natural Rubber] On December 17th, the natural rubber raw material market in the Thai production area remained stable with some increases: Smoked sheet rubber was quoted at 60.25 Thai baht/kg, stable; latex was quoted at 55.50 Thai baht/kg, stable; cup lump was quoted at 51.75 Thai baht/kg, an increase of 0.25 Thai baht/kg.

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