Natural Rubber Market Update (February 10)
Index
On February 10th, the Qingdao STR20 price index for natural rubber was $1965/ton, up $10/ton from the previous trading day.
Market Analysis
Futures Market:
Spot Market
Supply Side:
International: Rubber tapping has ceased in northern Thailand; large-scale leaf drop has occurred in northeastern Thailand, leading to a continuous decline in daily rubber production at the end of the tapping season, resulting in a relatively strong cup lump price; leaf drop has occurred in rubber trees in southern Thailand, prompting latex factories to raise their latex purchase prices.
In Vietnam, the weather is sunny, and tapping in the southern regions is expected to cease near the Lunar New Year, resulting in a continued decline in overall rubber production. The tapping season is nearing its end, and local processing plants are actively stockpiling.
Domestic: Tapping has ceased in Yunnan and Hainan.
Demand Side: It is understood that most all-steel tire manufacturers in major producing areas are currently in the final stages of production. After production concludes today, they will enter the Lunar New Year holiday period, further weakening all-steel tire production.
Currently, logistics in some areas are suspended, slowing shipments. A few companies are managing to move small quantities of stock, but most companies have relatively sufficient overall inventory.
Futures and Spot Price Overview
Market Outlook
Today, the futures market saw a volatile upward trend, boosting market sentiment. Holders adjusted their offers slightly upwards. Overseas producing regions are entering their off-season, resulting in a substantial reduction in raw material supply.
This tightening supply provides support for rubber prices. With the Spring Festival holiday approaching, downstream tire factories are gradually shutting down, leading to a temporary weakening of natural rubber demand. In the short term, the natural rubber market is experiencing a mixed bag of supply and demand pressures, resulting in rubber prices mainly fluctuating within a range.
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