RUBBER PRICE UPDATE JULY 21ST: STRONGLY REDUCING

1. Global rubber prices update

At the Tokyo Commodity Exchange (TOCOM), the rubber price for delivery in July 2021 in Osaka exchange is traded at ¥205.0/kg, down ¥4.6 compared to the previous transaction.

Futures in August 2021 reached ¥206.4/kg, down ¥7 compared to the previous session; September 2021 term reached ¥208.4, down ¥6.1 compared to the previous session.

At the Shanghai Futures Exchange (SHFE), the rubber price for July delivery in July 2021 was at RMB13,000/ton, unchanged from the previous transaction.

August 2021 term at RMB12,840/ton, down RMB540 from the previous transaction, September 2021 at RMB12,920/ton, down RMB650 compared to delivery previous translation.

2. Domestic rubber price update

According to the survey, rubber price in Binh Phuoc today fluctuates between VND333 - 378/degree of copper/degree of latex.

Phu Rieng Rubber Company (Binh Phuoc) is listed at 350 VND/grade of latex.

The price of the first cup of latex in Dak Lak was also recorded at VND16,000-18,000/kg depending on the type.

In the first 5 months of 2021, Vietnam's rubber exports to India reached 27,500 tons, worth USD 50.24 million, up 66.7% in volume and 102.8 % in value; the average export price reached 1,827 USD/ton, up 21.7% over the same period in 2020.

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In general, in the first 5 months of 2021, most types of rubber exported to India achieved strong growth in both volume and value over the same period in 2020, notably: SVR 20 increased by 3,900% in volume and 4,393% in value.

The average export price of all kinds of rubber to India in the first 5 months of 2021 has mostly increased sharply compared to the same period in 2020, in which the strongest increase is SVR CV60 up 33.6%, SVR 3L up 28.8%...

In addition to factory closures due to the pandemic and chip shortages, the global auto manufacturing industry is continuing to face a shortage of rubber supplies.

On the other hand, the global rubber supply is affected due to the shortage of shipping containers, along with China's increase in reserves and the complicated development of the Covid-19 epidemic, which also affects the output of rubber supplied to the market.

Experts forecast that between 2021-2024, the global rubber price may experience a new price rising phase due to the decreasing rubber supply. Vietnam's rubber exports can benefit in terms of prices.

However, the rubber manufacturing and processing industry need to step up processing and gradually reduce raw rubber exports so that Vietnamese rubber can achieve higher value in the global market.

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