Morning Market Update: Butadiene

I. Key Points

1. Crude oil prices remain at high levels, providing bottom support for the market.
2. Downstream demand continues to be weak, with buying interest skewed towards lower price points.

Core Logic: A stalemate between bullish and bearish factors results in a narrow, slightly weak market trend.

II. Price Table

Notes:

1. Units for CFR China are USD/ton; units for crude oil are USD/barrel. All other prices are in CNY/ton.
2. The two periods refer to spot prices from the previous two working weeks prior to this week, not weekly averages.
3. The change rate represents the period-over-period fluctuation.

III. Market Outlook

In the short term, downstream demand remains weak. It will take time for enterprises to increase plant operating rates, and procurement follow-up on butadiene is generally mediocre. Real transaction buying interest leans towards lower prices, which may drag down sellers' asking prices. However, considering that production cost pressures for butadiene remain significant, sellers have limited room for discounts. Therefore, the domestic butadiene market is expected to experience narrow-range fluctuations.

IV. Data Calendar

Notes:

1. ↓↑ indicates significant volatility, highlighting data dimensions with fluctuations exceeding 3%.
2. ↗↘ indicates narrow-range fluctuations, highlighting data within a 0-3% change range.