VINACHEM

Global rubber prices in the early morning of May 30 (Vietnam time) saw sharp increases across all three trading floors. The Shanghai exchange experienced the highest rise, reaching up to 3.45 percent.

At rubber companies in the Southeast region, the current purchase price for raw rubber latex remains stable at around VND283-VND312 per TSC. Specifically, Phu Rieng Rubber Company maintains a purchase price of VND285-VND305 per TSC, which is steady compared to the end of last month. Meanwhile, Binh Long Rubber Company keeps its purchase price at VND285-VND295 per TSC.

Ba Ria Rubber Company also maintains its purchase price of VND283-VND293 per TSC, while Phuoc Hoa Rubber Company offers VND310-VND312 per TSC for purchase.

According to experts, given the consistent trend in rubber prices since the beginning of the year, rubber is now entering a new phase of price hikes. The primary reason for this is the harsh weather conditions in major producing countries, leading to a tightening of the supply.

According to statistics from the General Department of Vietnam Customs, in the first five months of 2024, the export turnover of rubber is estimated to reach US$842 million, an increase of 3.9 percent year-on-year. The exported rubber volume is expected to touch 560,000 tons, down 4.6 percent compared to the same period in 2023. The export turnover of rubber products alone is projected to reach $480 million, up 14 percent year-on-year.

Natural rubber prices are reaching their highest level in seven years due to increasing demand from China's electric vehicle manufacturing industry, along with low production in Thailand and Indonesia. Vietnam's rubber export prices are also on the rise, promising favorable prospects for the Vietnamese rubber industry.    – SGGP –