RUBBER PRICE TODAY 11/01/2021: THE PRICE IS INCREASING

On January 11, Rubber recorded a slight increase in the SHFE market when production activities in China have stabilized.

Rubber price today 11/01/2021: the price is increasing

(VOH) - Rubber prices on January 11 recorded a slight increase on the SHFE floor as production activities in China have stabilized.

At the Osaka Commodity Exchange (OSE), the price of rubber on January 11, 2021, at noon, term 6/2021, increased by 4.6 yen/kg, recorded at 287.1 JPY / kg.

The price of rubber in May 2021 on the Shanghai market increased 95 CNY to 14,600 CNY / ton (recorded at 9h10 on 11/1/2021).

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On January 8, natural rubber prices in Kerala increased due to stable demand from large volume buyers, according to Cogencis.

Rubber exploitation activities, which have been conducted since November last year, will be maintained until the end of January this year as the market witnessed a spike in rubber output.

Traders predict that, in February 2021, when the harvesting season ends, the supply of rubber in the market will decrease sharply, contributing to a significant increase in purchasing prices.

According to Reuters, the rubber market is expected to be stable in the coming time, when winter in Southeast Asian producing countries will come early in early 2021, quickly returning warm weather to rubber trees. The previous year, winter lasted from February to May, causing rubber latex production in Thailand, Malaysia, and Indonesia to decline.

Japan is still in the period of tightening blockade measures to prevent the COVID-19 epidemic in the country.

The Japanese government has declared a month-long emergency for Tokyo and three neighboring prefectures, aimed at preventing an increase in new COVID-19 infections, a move that severely impacts the economy.

The Chinese Ministry of Commerce has officially imposed anti-dumping duties on rubber products from the US, South Korea, and the European Union (EU) since December 20, 2020, since the country's domestic industry has suffered significant losses by its trading partners dumping neoprene products.

To deal with the dumping situation, the tax rates applied within 5 years are 12.5 - 222% for companies importing synthetic rubber products, used in construction, electrical wires. and the automotive industry.

World rubber prices fluctuated in the last days of 2020

At the Shanghai Commodity Futures Exchange (SHFE), on December 31, 2020, the price of RSS3 rubber delivered for January 2021 was 13,585 yuan/ton, equivalent to $ 2.08 / kg, going down by10.6% compared to the end of November 2020, but up 7.2% over the same period in 2019.

In Thailand, on December 30, 2020, the price of RSS 3 rubber offered for sale at 61.7 Baht/kg, equivalent to $ 2.09 / kg, down 10.7% compared to the end of November 2020, but increasing by 26.3% over the same period in 2019.

According to the Import-Export Department, the rubber market is expected to be stable in the coming time when winter in Southeast Asian producing countries will come early in early 2021, winter is usually long from February to May in Thailand, Malaysia, and Indonesia, making rubber latex production decline.

The quality and output of rubber latex in Thailand, Malaysia, and India at present are also significantly affected by bad weather.

The All India Rubber Industry Association (AIRIA) has called for a rationalization of the tax structure for rubber products. According to the association, the reverse tax structure is harming the local industry, the import of raw materials such as natural rubber and rubber latex is subject to a high import tax of up to 70%.

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Meanwhile, finished rubber products recorded a much lower tax rate. The government should consider providing adequate equipment support to manufacturers to enhance localization in the Indian rubber sector.

The increasingly devalued goods due to the rapid spread of the new COVID-19 strain put the rubber market under pressure.

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