行业周报：天然橡胶

GTJA Futures Research InstituteGAOLinlin（Analyst）Advisory Code : Z0002332 Industry News Industry News 1.【China's Tire Exports Up 3.7% YoY in Jan-Nov】According to data released by the General Administration of Customs of China onDecember 18, China's exports of rubber tires reached 8.83 million tons in the first eleven months of 2025, a year-on-year increase of 3.7%; the automobile tires amounted to 7.51 million tons, a year-on-year increase of 3.1%, and the export value reached RMB 126.6 billion,a year-on- 2.【NBS: China's Rubber Tire Output Down 2.6% YoY in November】According to the latest data released by the National Bureau ofStatistics of China (NBS), China's output of rubber tire casings reached 101.828 million units in November 2025, a year-on-yeardecrease of 3. [U.S. Cumulative Tire Imports Up 6.6% YoY in Jan-Sep]Latest data shows that the U.S. imported a total of 2.17312 billion tires in the first three quarters of 2025, representing a year-on-year increase of 6.6%. Among the total, imports of passenger car tires climbed 4%year on yearto 131.08 million units; imports of truck and bus tires rose 8% year on year to 47.16 million units; imports of aircraft tires dropped 9.3% year onyear to 0.202 million units; imports of motorcycle tires surged 17% year on year to 2.92 million units; imports of bicycle tiresedged up 2% year Industry News 4.【RAOT: Additional Budget of 2.28 Billion Baht Approved to Stabilize Rubber Prices】 According to reports from Thailand on December 12, the Board of Directors of the Rubber Authority of Thailand (RAOT) has approved an These measures include purchasing cup lump rubber through RAOT’s central rubber markets, processing it into STR 20 standard rubber, andthen selling the finished products to domestic and overseas enterprises. With an annual target of absorbing 250,000 tons of rubber, the Mr. PerkLertwangpong, Acting Director-General of RAOT, disclosed that following the budget approval, the authority has already startedprocuring cup lump rubber from rubber farmer organizations via its four central rubber markets located in Chiang Rai, Nong Khai,Buriram, andRayong provinces respectively. As of December 1, 2025, the procurement volume has exceeded 33,000 tons. The procured cup lumprubber will Prior to this, RAOT signed a Memorandum of Understanding (MoU) with key domestic enterprises that play a pivotal role in rubberproductionand processing, including Wong Bandit Co., Ltd., North East Rubber Public Co., Ltd., and Thai Eastern Group Holdings Public Co.,Ltd. Thecollaboration aims to jointly manage rubber production to meet market demand. This cooperation mechanism is crucial: it guarantees that Mr. Perk further pointed out that in the next phase, RAOT will continue to procure high-quality rubber from rubber farmer organizations, whileexpanding market reach and conducting research into enterprises’ procurement demands. These efforts are intended to increasethemarketabsorption capacity of rubber farmers’ products, thereby achieving the project’s objectives. It is expected that this initiativewill absorb at least Market trends Futures Prices Basis & Calendar Spread Other Spreads: Inter-Commodity/Inter-Market Spreads ➢The price spread of RU-NR and RU-BR has narrowed, while the price spreads of NR-SGX TSR20 and RU-JPX Other Spreads: Spot(not deliverable)-Future ➢This week, the core quotation of the imported rubber marketmoved upward. Traders mainly focused on position rolling andcargo replacement; arbitrage traders were active in closing ➢The core spot price of domestic natural rubber trended upward.The oscillatory rise in the futures market boosted market trading Other Spreads: Light and DarkColored ➢The price spread of SCRWF-Thai mixture rubber has narrowed, and the price spread of 3L-Thai mixture rubberhas widened. Price of Substitutes: BR & SBR raw material segment. The unexpectedly strong cost-side support andsqueezed production margins propelled a rally in the spot market.Meanwhile, against the backdrop of current butadiene rubber prices hovering at a near five-year low, some market participants have grownmore optimistic about a recovery in butadiene and butadiene rubbermarkets during January-February next year. The sharp upward Capital TrendsOpen Interests/ Warehouse Receipts: RU Supply & Demand Data Supply: ThailandWeather ➢Southern Thailand has entered the rainy season, with rainfall decreasing recently. The rolling 30-day average daily precipitation in the southern production areas of Supply: China Weather ➢The rainy season has ended in the Hainan and Yunnan rubber-producing regions. The rolling 30-day average precipitation in the production areas of Yunnan Supply: Raw material prices ➢The pace of tapping suspension in domestic production regions has accelerated; geopolitical tensions between Thailand and Supply: Price Spreads between Raw Materials ➢The price spread between Thai latex and cup lump has narrowed.➢The price spread betwee