Q3, 2021 NR Market Review
In Q3, the RU2201 price hit a fresh low since October 2020, and the price first rose and then declined during this period.
From early July to August 9, RU2201 prices fluctuated upwards and hovered at RMB 14,000-15,000/mt, mainly as the operating rate at tire enterprises rose and major producers rolled over contracts. However, the increment was restrained by the weak demand from the heavy truck market, unsmooth sales of tires and increasing inventory pressure.
Since August 9, the RU2201 price has been dropping from RMB 15,000/mt to RMB 13,200/mt in late September, with the largest decrease of 13.68%, mainly due to the weak demand. During this period, the tire export underperformed. The operating rate at tire enterprises was low, and the end demand for NR declined further.
For instance, the quarterly average price of SCRWF was RMB 12,889/mt in Q3, 2021, down 1.07% from Q2, 2021 and up 16.02% from Q3, 2020.
...
Please click "Read more" for the full article.
