Today's petrochemical chain split hard. Natural rubber (NR) rose 5.54% to ¥20,095/t and butadiene rubber (BR) gained 3.96% to ¥16,000/t, while bitumen dropped 3.5% to ¥5,013/t and fuel oil edged up just 0.36% to ¥4,434/t.

The rubber bid came from monsoon-disrupted tapping across Southeast Asian producers plus pre-holiday tire-plant stocking, which widened physical premiums. Bitumen's counter-move reflects seasonal shutdowns in the north and winding-down road projects — soft end-user demand overrode the cost side. Two lines running opposite means this leg is not a cost-led synchronous move but separate supply-demand mismatches.

For SNSUC's rubber and bitumen slots within the 13-category book, hedging cadence must decouple. Long rubber exposure is best offset on the SHFE front-month contract; bitumen shorts can be locked with the BU contract — one delta profile does not fit both. On warehouse-receipt financing, haircuts should rise with volatility: at NR's 5.54% single-day swing, a 7-day pledge cycle needs an LTV capped below 65% to stay safe.