行业周报：天然橡胶

GTJA Futures Research InstituteGAOLinlin（Analyst）Advisory Code : Z0002332 Industry News Industry News 1. [Vietnam’s Total Exports of Natural Rubber & Mixture Rubber Up 35% YoY in January] Latest data show that in January 2026, Vietnam exported 62,000tonnesof natural rubber, up 5% year-on-year from 59,000tonneslast year. Of this, standard rubber exports were 27,000tonnes, up 35% YoY, including SVR10 8,000tonnes, SVR3L 10,000tonnes, SVRCV60 7,000tonnes; RSS (ribbed smoked sheet) exports were 4,000tonnes, flat YoY; latex exports were 31,000tonnes, down 11%YoY. In January, Vietnam exported 153,000tonnesof mixture rubber, up 53% YoY from 100,000tonneslast year. Of this, mixture Vietnam exported 15,000tonnesof natural rubber to China in January, down 42% YoY from 26,000tonneslast year. It exported153,000tonnesof mixture rubber to China, up 53% YoY from 100,000tonneslast year. Of exports to China, mixture SVR3L was 47,000tonnes, up 74% YoY; mixture SVR10 was 104,000tonnes, up 47% YoY; mixture RSS3 was 2,000tonnes, flat YoY. Overall, in January Vietnam’s total exports of natural rubber and mixture rubber reached 215,000tonnes, up 35% YoY from 159,000tonneslast year, and total exports to China hit 168,000tonnes, up 33% YoY from 126,000tonneslast year. 2.【EU Passenger Car Sales Down 3.9% YoY in January】 According to the latest data released by the European Automobile Manufacturers Association (ACEA), the EU passenger car marketsales fell by 3.9% to 799,625 units in January 2026, marking the second consecutive year of a challenging start to the year. During the month, the market share of battery electric vehicles reached 19.3%, up from 14.9% a year earlier, highlighting theircontinued growth potential. Hybrid vehicles accounted for 38.6%, remaining the most popular powertrain type among consumers. Industry News 3.【U.S. Tire Imports Up 4.8% YoY in 2025】 Latest data show that U.S. tire imports totaled 286.15 million units in 2025, up 4.8% year-on-year. Of these,passenger car tire imports increased 3.3% YoY to 174.19 million units; truck and bus tire imports rose 4.7% YoY to61.50 million units; aircraft tires decreased 3% YoY to 0.282 million units; motorcycle tires increased 11% YoY to 3.77 In 2025, U.S. tire imports from China totaled 21.06 million units, down 15% YoY. Of these, passenger car tiresdropped 40% YoY to 9.59 million units, and truck and bus tires decreased 18% YoY to 12.8 million units. U.S. tireimports from Thailand totaled 73.51 million units in 2025, up 10% YoY. Of these, passenger car tires reached 44.79 Market trends Futures Prices ➢Compared with before the Spring Festival, both domestic and overseas rubber prices have risen sharply, led by JPX Basis & Calendar Spread Other Spreads: Inter-Commodity/Inter-Market Spreads ➢Spreads between RU-NR, RU-BR, NR-SGX TSR20 and RU-JPX RSS3 have increased. Other Spreads: Spot(not deliverable)-Future ➢Imported rubber offers rose this week. Traders adjustedpositions for contract rollovers, arbitrage positions continued to increase, buying interest was fair, while downstream ➢Domestic natural rubber spot prices moved higher amidpositive external macro sentiment and a sharp rally in futures.Spot offers followed the futures higher, but demand showed 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 ➢Amid a sharp rally in crude oil during the Spring Festival holiday,combined with U.S. import tariff policies and the stronger-than-expected post-holiday rebound in natural rubber, butadiene rubber(BR) market participants actively tested price hikes. While logisticscame to a standstill and downstream consumption weakenedduring the holiday, most domestic BR plants operated at high ➢Meanwhile, expectations of increased maintenance at butadienedownstream facilities in March softened cost support. This prompted a rapid surge in arbitrage-driven supply at discounted Capital TrendsOpen Interests/ Warehouse Receipts: RU Supply & Demand Data Supply: Precipitation ➢Major rubber-producing areas in Southeast Asia are mostly in the dry season with limited rainfall. Supply: Temperature ➢Temperatures in major Southeast Asian producing areas are generally normal, while temperature in Hainan is Supply: Raw material prices ➢Major global production areas have entered a seasonally low-output period, resulting in a supply shortage, and raw material pricescontinue to strengthen. Supply: Price Spreads between Raw Materials ➢The price spread between Thai latex and cup lump has narrowed. Spread: Latex Quotes: Concentrated Supply:Processing Profit ➢Processing profits of Thai standard rubber and ribbed smoked sheets (RSS) increased, while processing profits ofconcentrated latex decreased. Supply:Delivery Profit ➢Domestic production areas have basically suspended rubber tapping, with prices temporarily ceasing updates. S