Rubber prices adjusted upwards with the plate, but the rebound was limited

In terms of supply, Yunnan Xishuangbanna production area has entered the suspension period, Mengla area has stopped cutting about 50%, other areas will also be completely stopped at the end of November, glue supply has entered the end, the price of glue to form a support, glue price rose nearly 500 yuan / ton
.
Overseas major producing countries into the supply season, coupled with the decline in overseas demand, China's natural rubber imports in October fell slightly month-on-month but rose year-on-year, customs statistics show that in October, China's natural rubber imports were 532,600 tons, down 2.
73% month-on-month and up 27.
4%
year-on-year.
From January to October 2022, China imported a total of 4.
7802 million tons of natural rubber (including latex and mixed rubber), an increase of 10.
61%
over the same period last year.

On the demand side, low starts and high finished product inventories are the main characteristics of
the tire industry this year.
In October, the tire operating rate was weak, and the factory maintenance ended in November, and the operating rate rebounded quickly to a relatively normal operating level
.
Terminal demand is sluggish, dealers are not highly motivated to stock up, and the finished product inventory of tire factories is high
.
In November, the average inventory of finished steel tires and 47 days of finished semi-steel tires of domestic tire enterprises was 47 days, and the inventory level was obviously high
.
The increase in tire operating rate in December was limited, although affected by the year-end stocking sentiment, finished product inventories continued to remain high, terminal automobile production and sales showed signs of weakening after entering the winter, and it was difficult
for tire starts to maintain the previous growth rate.

Tianjiao social inventory has entered the accumulation cycle, domestic terminal production and sales have weakened, the international price difference between Indonesian FOB and Singapore has continued to maintain flat water shocks, and overseas demand has not improved
for the time being.
Although the domestic Yunnan production area has entered the cutting period to partially support the price of glue, but foreign production, especially Thailand, has entered the peak production cycle, the pressure on domestic tianjiao imports still exists, the price pressure, the upside space is relatively limited, and the short-term natural rubber price range shock operation
.