Natural rubber futures settled at ¥20,095/t, up 5.54%—a three-month high; tire manufacturers face tightening raw material procurement windows; dynamic restocking advised against inventory cycles.

Natural rubber at CNY 19,150/t (-0.98%) and butadiene rubber at CNY 14,910/t (-3.84%); the spread has widened to CNY 4,240/t, making butadiene substitution pay, though natural rubber has a floor.