Butadiene rubber front-month contract hit a yearly high of CNY 15,540/t (+2.34%), driven by delayed Korean shipments, narrowed import arbitrage (now near zero), and accelerated winter restocking by top-tier Chinese tire manufacturers.

Butadiene rubber futures at ¥14,955/t, down 1.84% daily; natural rubber at ¥18,770/t, down 0.13%; USD/CNY rose to 6.6805. Rising import costs and weak domestic demand have erased import arbitrage margins. JODI data shows combined refinery inputs in China, Korea, Japan and India exceed 32 million bpd, yet成品油 inventories show no drawdown — tire makers are slowing raw material procurement.