The price of rubber hits 7-year high, tire prices rising, orders expanding

Recently, the natural rubber market has ushered in unprecedented growth, hitting a 7-year high, and commodity futures prices have soared to 19,000 Yuan/ton, which has affected the entire rubber industry chain.

Natural rubber price soaring

 Due to strong demand and tight supply, natural rubber price has risen by more than 33% in the first five months of this year.

Tire companies are raising prices

 Following the price increase notices before, several tire companies issued price increase notices on September 27.

Tire factory orders expanding

 In August 2024, the export volume of passenger car (passenger car) tires was 309,000 tons, up 1.63% month-on-month and 18.81% year-on-year. From January to August, the cumulative export volume of passenger car tires was 2.2017 million tons, up 15.19% year-on-year.

In August 2024, the export volume of passenger car tires rose slightly. The country with the largest export volume was the United Kingdom, with an export volume of 19,500 tons, up 5.02% month-on-month. The export volume to Brazil ranked second, down 1.55% month-on-month, and the export volume to Russia ranked third, down 3.08% month-on-month.

The General Administration of Customs of China announced the export data for August 2024. The data showed that in the first eight months of 2024, China's rubber tire exports reached 6.19 million tons, up 5.1% year-on-year; the export value was 109.2 billion yuan.

Among them, the export volume of new pneumatic rubber tires reached 5.97 million tons, a year-on-year increase of 4.9%; the export value was 105.2 billion yuan, a year-on-year increase of 5.6%. In terms of number of tires, the export volume reached 453.35 million, a year-on-year increase of 10.3%.

From January to August, the export volume of automobile tires was 5.3 million tons, a year-on-year increase of 5.2%; the export value was 90.8 billion yuan, a year-on-year increase of 6.9%.