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 Thailand monthly rubber report - April 2018
April average RSS3 price announced by Central Rubber Market in Songkhla stood at 49.31 Baht/kg, up 1.52 % from March due to the following factors. Overall rubber price climbed up in tune with higher domestic demand and tighter output in domestic market. NR stockpile continued to grow in Tokyo and Shanghai but there is a sharp drop in Qingdao Still, there were worries over slack demand. The Ching Ming holidays in China and Songkran holidays in Thailand lessened some trading interest and activities. Oil prices rose to their highest in over three years as US crude inventories declined and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies. As another reason for oil price rise, joint military actions from the US, UK and France punished Syria for using chemical weapons on its people. In terms of currency exchange, a weaker yen makes yen-denominated assets more affordable. The USD was stronger on anticipation of higher interest rate as the 10Y bond yield hover around the 3% area.
In March, Thailand exported 280,047 tons of natural rubber (including compound rubber), down 14.81 % from February and 21.26 % yoy, generating export income of US$ 386.27 million, down 14.76 % from February, down 47.45 % yoy. Overall, during the first 3 months, Thai NR exports (including compound rubber) reached 932,453 tons, down 5.84 % yoy. The YTD export value touched US$ 1.28 billion, down 32.49 % yoy.
In tyre sector, in March Thailand exported 11.50 million units of all tyres, up 4.74 % yoy, with the export value of US$ 418.85 million, up 12.98 % yoy. Overall, in January to March Thai exports of all tyres reached 32.94 million units, up 10.28 % yoy, generating export revenue of US$ 1.17 billion, up 16.36 % yoy.
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