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Last week, Shanghai rubber continued its bottom-seeking trend, and the 05 contract closed at 13365 yuan / ton, down 1.
84%.
Spot prices are also weak and volatile
.
As of April 8, the spot price of full latex in Shanghai was 12,950 yuan / ton, down 2.
26%
from the previous month.
The spot benchmark price of STR20 in Qingdao Free Trade Zone was US$1780/ton, down 0.
56%
from the previous month.
On the supply side, Southeast Asia entered a low production period, and global production entered a low point during the year
.
Raw material prices in Thailand are relatively firm
.
As of April 8, the price of glue in Hat Yai in Thailand was 68.
9 baht/kg, up 1.
4 baht/kg from the previous month; The price of cup glue was 50.
5 baht/kg, down 0.
4 baht/kg
month-on-month.
Yunnan production areas have been cut one after another, and the amount of increase in the short term may be limited
.
The Hainan production area is expected to start trial cutting in mid-to-late April, focusing on the time of cutting in Vietnam
.
On the demand side, it remains weak, orders are not ideal, and recovery is slow
.
Under the influence of factory maintenance and the epidemic, the operating rate of tire factories fell
sharply last week.
Last week, the weekly operating rate of domestic all-steel tires was 49.
43%, down 9.
80 percentage points from the previous week and 28.
88 percentage points from the same period in 2021; the weekly operating rate of semi-steel tires was 67.
11%, down 7.
41 percentage points from the previous week and 6.
82 percentage points
from the same period in 2021.
The demand for semi-steel tires is better than that of all-steel tires, and the operating rate of tire factories is expected to remain low under the impact of the epidemic on the transportation of raw materials and finished product inventory
.
In terms of inventory, it remained dematerialized last week, and there was some support at the low, but the outbound rate showed signs of
weakening.
According to Zhuochuang Information, as of April 1, 2022, the total inventory of natural rubber samples in Qingdao was 4,524,400 tons, down 15,500 tons, of which the inventory in the bonded zone was 112,400 tons, down 04,300 tons, and the general trade inventory was 312,000 tons, down 11,300 tons
.
Under the demand-led fundamentals, it is expected that Shanghai rubber will continue to build a bottom, but the space below is also limited
.
Operationally, it is recommended to wait and see, 05 Shanghai rubber focus on 13000-13200 support
.
