SunSirs: China SBR Fell and Rose, Bottomed Out and Rebounded in June

　　According to the data monitoring of SunSirs, the domestic SBR market in June fell first and then rose. The price at the beginning of the month was 12,475 RMB/ ton, and fell to 12,075 RMB/ ton in the middle of the month. The price rebounded in the middle and late ten days, and rebounded to 12,650 RMB/ ton by the end of the month, with an overall increase of 1.40% at the end of the month compared with the beginning of the month.

　　In June, the domestic market of SBR was down first and then up. The manufacturer’s offer was down at the beginning of the month and up in the middle and late ten days. As of June 30, the ex-factory price of Jilin SBR 1502 of PetroChina Northeast sales company was at 12,400 RMB/ ton. Within the month, the trading offers were adjusted in a narrow range, and the market made more inquiries on demand. In mid and late June, the start-up of SBR industry was slightly lower, and the pressure on supply side was relieved.

　　Although the price of styrene fell, the price of butadiene rose sharply, with some support from the cost side. According to the monitoring of SunSirs, as of June 30, the butadiene price was 8,852 RMB/ ton, up 18.68% from 7,458 RMB/ ton at the beginning of the month; As of June 30, the price of styrene was 9,125 RMB/ ton, down 5.60% from 9,666 RMB/ ton at the beginning of the month.

　　The price of natural rubber is at a low level, which forms a certain pressure on BR from the perspective of substitutability.

　　SunSirs analysts believe that the low price of natural rubber and a small decline in downstream construction have a short impact on SBR; However, Qilu Petrochemical also has a maintenance plan in the late stage of the start-up of the butylbenzene unit in June, which is supported by the overall supply of butylbenzene and the soaring price of butadiene; On the whole, it is expected that China SBR will fluctuate in a narrow range in the future.