Rubber further upward space is limited It is recommended to wait and see for the time being

As of February 11: Exchange Total Inventory 248005 (+2169), Exchange Warehouse Receipt 232760 (+4060).

Raw materials: raw film 60.
75 (+0.
07), cup glue 50.
2 (-0.
3), glue 65.
5 (+0.
5), tobacco sheet 64.
19 (+0.
2).

As of February 10, the domestic all-steel tire operating rate was 9.
25% (+6.
6%), and the domestic semi-steel tire operating rate was 20.
11% (+6%)
.

Domestic rubber supply and demand presents a weak pattern, on the one hand, due to the partial relief of shipping schedule, port rubber arrival volume continues to increase, on the other hand, downstream demand will be affected by the Winter Olympics to delay the start of work, this week has not fully resumed work and tire factory finished product inventory high led to the recent cooling of raw material procurement demand, the two together bring about the acceleration of domestic port inventory accumulation
.
Overseas, due to the approaching low production period, the output of raw materials is limited, the price of raw materials continues to rise, and the arbitrage window of rubber imports has moved
up.
In the later stage, we will focus on the recovery of downstream demand, as well as the domestic cutting situation in mid-to-late March, short-term due to insufficient supply and demand drive, weak price operation, but the current position due to the support of raw material costs, further space is limited, it is recommended to wait and see
for the time being.