行业周报：天然橡胶

GTJA Futures Research InstituteGAOLinlin（Analyst）Advisory Code : Z0002332 Industry News Industry News 1. [NBS: China's Outer Tire Output Drops 2.5% YoY in October]According to the latest data released by the National Bureau ofStatistics (NBS), China's output of rubber tire outer tires reached 97.951 million units in October 2025, a YoY decrease of 2.5%. From 2. [China's Tire Exports Rise 3.8% YoY in Jan-Oct]According to data released by the General Administration of Customs of China(GACC) on November 18, China's exports of rubber tires reached 8.03 million metric tons in the first 10 months of 2025, a YoY 3.[Malaysia Committed to Boosting Rubber Output to Reduce Import Dependence]According to Malaysian media reports onNovember 13, the Malaysian government stated that increasing natural rubber production to at least 400,000 metric tons of cup Industry News 4. [Ghana Rubber Processors Association Endorses Government's Decision to Restrict Rubber Exports]According to foreign media reports on November 17, the Rubber Processors Association of Ghana (RUPAG) has expressed approval and appreciation for the government'sdecision to restrict the export of raw rubber materials, as outlined in the "Industrial Revitalization Plan" announced in the 2026 BudgetStatement. The He emphasized that the restriction on natural rubber exports is designed to promote industrial growth by ensuring a steady supply of rawmaterials for domestic processing enterprises. This measure will enable factories to operate at higher capacity, thereby allowing the country to Market trends Futures Prices ➢This week, domestic rubber futures rose while overseas markets showed divergence: SGX TSR20 edged downslightly, and JPX RSS3 gained. Basis & Calendar Spread Other Spreads: Inter-Commodity/Inter-Market Spreads ➢The price spread of RU-NR and RU-BR has widened, while the price spreads of RU-JPX RSS3 and NR-SGX TSR20 Other Spreads: Spot(not deliverable)-Future ➢This week, traders in the imported rubber market underwentrotation. In the first half of the week, the calendar spread for RMB mixture rubber was close to flat; holders were active in shipping ➢Spot prices of domestic natural rubber trended upward. Theoscillatory rise in futures prices boosted market trading sentiment: Other Spreads: Light and DarkColored ➢The price spread of SCRWF-Thai mixture rubber has widened, and the price spread of 3L-Thai mixture rubberhas widened. Price of Substitutes: BR & SBR ➢This week, buying interest in the feedstock segment followed through well. Coupled with the delayed restart of some South Korean cracking units at the end of the cycle, which alleviated market participants' ➢Due to restricted order issuance, spot supplies of some Sinopec &PetroChina (the "Two Oil Majors") resources were tight, promptingtraders to maintain persistent premium quotes. Private-sector resources Capital TrendsOpen Interests/ Warehouse Receipts: RU Supply & Demand Data Supply: ThailandWeather ➢Southern Thailand has entered the rainy season, with rainfall increasing rapidly. The rolling 30-day average daily precipitation in the northeast production areas of Supply: China Weather ➢The rainy season in Hainan's production area is drawing to a close, while that in Yunnan's production area is in itsfinal phase. Supply: Raw material prices ➢Weather factors have accelerated the suspension period of rubber tapping in Yunnan. With high overseas feedstock prices, thesupply side provides strong support for rubber prices. Supply: Price Spreads between Raw Materials ➢The price spread between Thai latex and cup lump has narrowed.➢The price spread between Hainan concentrated latex factories and SCFWF factories for latex has narrowed.➢The price spread between Yunnan concentrated latex factories and SCFWF factories for latex has widened. Supply:Processing Profit ➢As raw material prices rose, processing margins generally declined. Supply:Delivery Profit ➢The delivery profits of both Yunnan-produced SCRWF and Hainan-produced SCRWF increased. Supply: Thailand's Exports ➢In September, Thailand's natural rubber exports saw a slight month-on-month and year-on-year increase; amongthem, TSR exports dropped significantly year-on-year, while RSS exports rose substantially both month-on-month Supply: Thailand's Exports to China ➢In September, the quantity of Thailand's natural rubber exported to China decreased month-on-month; the quantity ofsmoked sheet rubber exported to China continued to increase substantially both month-on-month and year-on-year, while Supply: Indonesia's Exports ➢Indonesia's total natural rubber exports in October fell significantly both year-on-year and month-on-month, mainlydue to a sharp drop in standard rubber exports, while mixed rubber exports continued to increase month-on-month. Supply: Vietnam's Exports ➢Vietnam's natural rubber export volume in September decreased both year-on-year and month-on-month. Exports to Supply: Cote d'Ivoi