Rubber continues to be strong and oscillating, and the fundamentals have not changed much

As of September 16: total stock on the exchange 293686 (+3969), exchange warehouse receipt 261550 (+540).

Raw materials: raw film 46.
15 (0), cup glue 39.
67 (+0.
02), glue 45.
5 (0), tobacco film 48.
09 (-0.
29).

As of September 15, the domestic all-steel tire operating rate was 50.
42% (-3.
59%), and the domestic semi-steel tire operating rate was 55.
98% (-5.
96%)
.

Rubber prices continued to fluctuate strongly, and the fundamentals did not change much
.
As of the end of last week, domestic Qingdao port inventory fell slightly, but overall due to domestic supply pressure has not yet appeared, the contradiction between supply and demand is not prominent, resulting in little change in domestic inventory
.
However, due to the recovery of overseas imports in the later period and the successive entry of alternative plantings, coupled with the continued increase in domestic supply, domestic supply is still expected
to increase in the later period.
Demand is expected to be weak due to the Fed's interest rate hike, and medium-line supply and demand expectations remain weak
.

The current rebound in plate prices is more based on the slight benefit of RMB depreciation for downstream tire exports and a slight increase in raw material import costs, as well as the rebound
brought about by the slowdown of plate arbitrage pressure after the completion of the early delivery logic.
Domestic Yunnan raw materials converted to the market is profitable, will limit the height of the plate rebound, it is recommended to treat
with caution.