In February, the average rubber export price reached USD 1,481/ton, an increase of 5% compared to January and , an increase of 4.9% over the same period.

According to the Import-Export Department (Ministry of Industry and Trade), natural rubber prices are currently rising to the highest level in the past 7 years due to increasing demand from China's electric vehicle industry, along with poor output in Thailand and Indonesia. Vietnam's rubber export prices also increased, opening up prospects for the Vietnamese rubber industry.

In February, the average export rubber price reached USD 1,481/ton, an increase of 5% compared to January and an increase of 4.9% over the same period.

On the world market, from the beginning of March to date, rubber prices on Asian exchanges have tended to increase in the context of high oil prices and weather concerns in Thailand, causing limited supply.

The Import-Export Department forecasts that rubber prices will continue to increase in the coming months due to growing concerns about supply as Southeast Asia has entered the low harvest season, lasting from February to April.

Recorded on March 11, at the Osaka Exchange (OSE), RSS3 rubber price for near term delivery at JPY 326.5/kg (equivalent to USD 2.22/kg), an increase of 9.7% compared to the end of February and an increase of 60.9% over the same period in 2023.

At the Shanghai Stock Exchange, the price of this type of rubber is nearly CNY 14,150/ton (equivalent to USD 1.97/kg), an increase of 2.6% compared to the end of February and an increase of 19.5% over the same period. In Thailand, rubber prices also continue to increase sharply.

According to the General Department of Customs, in February rubber exports reached 87,750 tons, worth USD 129.94 million, a decrease of 58.3% in volume and a decrease of 56.2% in value compared to the previous month.

Compared to the same period, a decrease of 33% in volume and a decrease of 29.7% in value.

Accumulated in the first 2 months of 2024, rubber exports reached 298,240 tons, worth USD 426.92 million, an increase of  12% in volume and an increase of 16% in value over the same period.

Kylie Nguyen