The Association of Natural Rubber Producing Countries (ANRPC) releases the Monthly NR Statistical Report, November 2024.

The average monthly prices of natural rubber (NR) fell across the board in November due to the resistance to high price of the commodity by major consumers amidst the uncertainties ahead: (i) the delayed implementation of the European Union Deforestation Regulation (EUDR); (ii) the anticipated increase of U.S.s tariff on products from China, the main importer of NR, and (iii) the mixed but generally downward trend of crude oil prices. These uncertainties engendered a wait and see attitude among buyers with the intention to stock up raw materials at lower cost from more competitive sellers in preparation for futures rising demand. Yes, growth is still expected. Daily NR prices were rising toward the end of November. There were signs that the ongoing stimulus injection of China has improved sentiments on factory floors in November. The ASEAN+3 (China, Japan, Korea) region is also expected to grow by 4.4 percent in 2025. And the second consecutive rate cut by the U.S. Federal Reserve on 7 November is signaling a recovering U.S. economy. All the above details and others are covered in this months report, while heres a snapshot of the recent trends of NR:

Global NR production up to November 2024 reached 12.7 million tons, a rise of 2.4% compared to the same period of the previous year. Meanwhile, global NR demand reached 13.9 million tons, a rise of 0.5% compared to the same period in 2023. Overall, the fourth quarter of 2024 is forecasted to experience a seasonal increase in supply of raw materials that partly leads to a fall in NR prices.

Based on the performance and updates from ANRPC member countries (AMC), the outlook for global NR production remains unchanged, with an anticipated annual growth of 4.5% following a slight update on the forecast of China. The global outlook of demand growth for 2024 has been revised upward by 1.4% following a revision in the rest of the World. Further details can be found in the report.

Source : Association of Natural Rubber Producing Countries (ANRPC)