Natural rubber front-month settled at CNY 19,700/t (+0.43%), while butadiene rubber rose 1.51% to CNY 16,170/t. Their spread narrowed to CNY 3,530/t—the tightest since January—indicating accelerated restocking by tire manufacturers.

Brent crude stands at USD 110.122/bbl and USD/CNY at 6.6781, lifting landed base oil cost; the N350–fuel oil futures spread has widened to a recent high. Refinery outages have intensified import substitution pressure.