Export Prices of Vietnamese Rubber to Soar

Export prices of Vietnamese rubber are expected to get out of price reduction pressure and soar again in the near times as rubber demand of huge consumers increases, said local traders.

 

During the past months, the prices have born consecutively sharp falls at almost all of markets.

 

Averaged export prices stood at some $2,070 tons in early September, down $65-70 tons compared with June. Of which, export prices to China born decline of $130 per ton, to Spain $173, to US $90, to Hong Kong $80 and to Turkey $14 per ton.

 

Now, export price of SVR3L is falling to 16,200 yuan ($2,039) per ton while SVR10 and SVR20 are offered at only 15,000 yuan ($1,888) per ton. Prices of latex have also dropped by VND20 million ($125) to VND26.5-27 million ($165-168) per ton.

 

Local traders blamed the fall of the prices for the drop in rubber demand by its biggest importers, Chinese traders, who pared away 30,000 tons of Vietnamese rubber off after seeing that export prices shrank by $400-500 per ton in one month. Total value of the cut contracts was estimated at $75 million.

 

An official from the Vietnam Rubber Association said that Vietnam will raise its rubber shipment volume in the remaining months of this year to meet the world’s increasing demand, adding that total latex export may reach 60,000 tons a month between September and December.

 

Vietnam enterprises have exported around 1,000-1,300 tons of rubber per day to China via both unofficially and officially border gates.