30 March 2011 08:30 [Source: ICIS news]
“Market sentiment is a bit bearish this week due to the drop in the natural rubber prices,” a Korean SBR producer said.
TSR 20 natural rubber futures for May delivery fell to $4,950/tonne (€3,515/tonne) this week at the Singapore Commodity Exchange (SICOM), down by $250/tonne since last week.
“Natural rubber prices are under pressure to fall as more supply is expected to come on in April,” a trader said.
Natural rubber and synthetic rubber are substitutes for each other in the production of tyres for the automotive industry and their prices tend to impact and move in tandem with each other.
The sharp drop in the natural rubber prices has prompted some SBR producers to revise offers for non-oil grade 1502 SBR down by $100-200/tonne to $3,800-4,000/tonne CFR (cost and freight) SE (southeast)
“SBR offers for the non-oil grade 1502 above $4,000/tonne are finding resistance,” a northeast Asian producer said.
Previous offers for non-oil grade 1502 SBR were at $4,000-4,200/tonne CFR SE Asia.
($1 = €0.71)
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