Natural Rubber Market Update (March 9)
Index
On March 9th, the Qingdao STR20 natural rubber price index was $2030/ton, up $5/ton from the previous trading day.
Market Analysis
Futures Market:
Spot Market
Supply Side:
International: Large-scale tapping has ceased in northern and northeastern Thailand, leading to a stronger cup lump price; tapping is gradually ceasing in northern and southern Thailand, resulting in a contraction in total output. Factories have restocking needs, leading to a supply shortage of latex and a continued rise in prices. Vietnam's production areas have entered the off-season.
Domestic: Tapping has ceased in Yunnan and Hainan.
Demand Side: It is understood that current enterprise operating rates are stable to slightly stronger, especially for semi-steel tire manufacturers, supported by export orders, whose operating rates are still acceptable. Some enterprises still have room to increase output. High raw material prices are under pressure, profits are shrinking, and enterprises' willingness to raise prices is increasing. Some enterprises have plans to raise prices by 3-5% at the beginning of the month and the beginning of the next month.
Futures and Spot Price Overview
Market Outlook
Today, the futures market saw a volatile upward trend, boosting market sentiment. Holders adjusted their offers upwards. With domestic rubber production about to begin and overseas raw material prices stabilizing, upstream cost support weakened, limiting the upward momentum of rubber prices.
Downstream inquiries improved, with purchases primarily driven by immediate needs. However, escalating geopolitical risks overseas and persistent market uncertainties suggest that the natural rubber market may experience a volatile trend amidst mixed bullish and bearish factors.
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