Rubber prices fell across the board today after two consecutive days of increases. Published data showed that China's rubber imports continued to fall by 2.1% in September and by a total of 13.3% after the first three quarters of the year.
World rubber price
Rubber prices fell across the board today after data showed import demand from China remained relatively weak.
At the close of trading on October 16, the January rubber contract on the Shanghai Futures Exchange (SHFE) in China also fell sharply by 585 yuan, equivalent to 3.2%, to 17,7605 yuan/ton.
Similarly, the price of RSS 3 rubber futures for November delivery in Thailand decreased by 0.4% to 91.93 baht/kg.
The March rubber contract on the Osaka Exchange (OSE) in Japan stood at 386.9 yen/kg, down 1.8% (7.1 yen/kg) from yesterday. Meanwhile, the October contract fell 5.7% (24.4 yen/kg), to only 405.5 yen/kg.
China's imports of natural and synthetic rubber (including latex) totaled 614,000 tons in September, down 2.1 percent from 627,000 tons in the same period last year, according to data released by the General Administration of Customs of China on October 14.
From January to September, China imported a total of 5.13 million tons of natural and synthetic rubber, down sharply by 13.3% compared to 5.9 million tons in the same period in 2023.
Meanwhile, responding to the Malaysian national news agency (Bernama), industry expert Denis Low said that the domestic rubber market in Malaysia is expected to move sideways and decline this week due to the impact of the escalating Red Sea crisis and the European Commission's (EC) proposal to suspend the EU Deforestation Regulation (EUDR) for one year.
The Red Sea crisis is slowing down rubber stockpiling and replenishment, putting pressure on global trade, the expert said.
“As economies are disrupted, uncertainty increases and demand for most goods and raw materials is likely to be affected,” he said.
Regarding the EC's proposal to suspend the EUDR, this could mean that purchasing activities will be limited to steady inventory replenishment.
“These uncertainties will certainly affect the consumption of the global rubber industry, causing fluctuations in demand and prices,” he added.
However, he also said traders need to be cautious as unstable weather in rubber-producing areas could hamper production.
"Rubber production will be severely affected if rubber plantations are flooded. The weather has become very unpredictable recently," said Mr. Denis Low.
Domestic rubber price
In the domestic market, rubber prices today, October 17, remained unchanged compared to yesterday.
Phu Rieng Rubber Company's rubber purchasing price for mixed latex is at 455 VND/DRC; liquid latex is at 495 VND/TSC.
Ba Ria Rubber Company is purchasing latex at a price of 440 - 450 VND/TSC. Meanwhile, DRC coagulated latex (35 - 44%) is 15,700 VND/kg; raw latex fluctuates at 19,500 - 21,000 VND/kg.
Meanwhile, Mang Yang Rubber Company quoted the purchase price of liquid latex at 443 - 447 VND/TSC; coagulated latex reached 406 - 461 VND/DRC.
According to data from the General Department of Customs, in September, Vietnam's rubber exports reached 193,957 tons, worth 335.6 million USD, down 7.5% in volume and 2.7% in value compared to the previous month, but up 0.3% in volume and 33.2% in value compared to the same period last year.
In the first 9 months of the year, rubber exports reached 1.32 million tons, worth nearly 2.1 billion USD, down 6.2% in volume but up 11.7% in value over the same period in 2023.
Source: https://baodaknong.vn/gia-cao-su-hom-nay-17-10-giam-manh-do-nhu-tu-trung-quoc-van-yeu-231854.html
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