In the 10 days between September 2022, rubber prices at Asian exchanges fluctuated in opposite directions: prices in Japan decreased compared to the previous 10 days, while prices increased in Shanghai and Thailand.
According to statistics from the Import-Export Department (Ministry of Industry and Trade), at the Osaka Commodity Exchange (OSE), the price of rubber continuously decreased compared to the previous 10 days. On September 19, 2022, the price of RSS3 rubber for delivery near term was at 215 yen/kg (equivalent to 1.5 USD/kg), down 3.2% from 10 days earlier, but up 12.6% compared to the same period in 2021. Rubber prices in Japan fell on fears of a global recession, although an increase in the Shanghai market capped the decline.
Price movement of RSS3 rubber at OSE from June 2022 to present (Unit: Yen/kg). Source: Import and Export Department
At SHFE Shanghai, rubber prices fluctuated strongly. After rising to 11,940 yuan/ton on September 15, 2022, prices fell again, but still increased from 10 days earlier. On September 19, 2022, the price of RSS3 rubber for delivery near term was at 11,865 yuan / ton (equivalent to 1.69 USD / ton), up 2.9% compared to the previous 10 days, but down 8.2%. compared to the same period in 2021.
Movement of rubber prices at SHFE from June 2022 to present (Unit: RMB/ton). Source: Import and Export Department
Rubber prices in China recovered after the government reaffirmed its commitment to stabilizing the economy through phased policy support. China continues to introduce phased policies to stabilize the economy, focusing on the recovery of consumption and boosting investment, and insists to implement these policies as soon as possible.
Meanwhile, China's auto sales in August 2022 increased sharply, reaching 2.38 million units, up 32.1% over the same period in 2021, led by sales of electric vehicles driven by promotion. driven by the government's incentive policy.
In Thailand, the price of natural rubber dropped to 50.9 Baht/kg on September 12, 2022, after which the price increased slightly. On September 19, 2022, RSS3 rubber was offered for sale at 52.1 Baht/kg ($1.41/kg), up 2.1% from 10 days earlier, but still down 5.3 % over the same period in 2021.
Price movement of RSS3 rubber in Thailand from June 2022 to present (Unit: Baht/kg). Source: Import and Export Department
In India, the price of natural rubber has continuously dropped sharply in recent years, causing about 12,000 small-scale rubber growers in the state of Kerala - a key rubber growing area of India to suffer losses. Farmers in the state of Kerala have made proposals including increasing import duties on latex and mixed rubber, asking for an increase in the replanting subsidy (currently at Rs 25,000/ha) and an adjustment. The support price of crops under the price stabilization program is from 170 Rupees to 200 Rupees.
For the domestic market, in the 10 days between September 2022, the price of raw rubber latex in some provinces and cities decreased by 5-10 VND/TSC compared to the previous 10 days. In Binh Phuoc, the price of raw rubber latex purchased by Phu Rieng Rubber One Member Co., Ltd is at 260-270 VND/TSC, down 5 VND/TSC compared to 10 days ago.
In Binh Duong, the purchase price of raw rubber latex of Phuoc Hoa Rubber Company fluctuated at 273-275 VND/TSC, down 7 VND/TSC compared to the previous 10 days. In Gia Lai, rubber latex was purchased by Mang Yang Rubber Company at the price of 250-260 VND/TSC, down 10 VND/TSC compared to the previous 10 days.
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