Domestic Group II/III capacity trims import reliance while crude and FX reshape landed cost; bonded digital receipts compress working capital for base oil traders.

Natural rubber at CNY 19,530/t (-0.53%) and butadiene rubber at CNY 15,730/t (+0.80%) push their spread back to CNY 3,800; recipe substitution plus bonded digital-receipt pledging lifts turnover from 9x to above 10x.

Butadiene rubber fell 2.31% to lead the slide while natural rubber slipped only 0.48%; the NR-BR gap widened from 3,855 in the morning to 4,125. Tire makers shift compound, traders lock stock on bonded warehouse receipts to hedge pricing exposure.

Taking natural rubber as the case, a 5,000-ton bonded receipt carries about 99.7 million yuan of value. Batch-level SHA-256 browser-side fingerprints move title confirmation ahead of delivery; bank pledge funding drops from T+3 to T+0 and turnover multiples rise from 9x to above 10x.