Rubber exports on a roll in first quarter 17:55 | 20/04/2021
The World Bank forecasts that rubber prices will increase by 3 per cent this year
In the first quarter, DakLak Rubber Investment JSC (DRI) recorded more than VND16 billion ($695,650) in net profit thanks to increased consumption volume and high rubber prices. DRI sold 3,126 tonnes of rubber latex with an average selling price of $1,693 a tonne, up 212.4 and 136.8 per cent over the same period last year. Revenue for the period reached VND125 billion (5.43 million), higher than the VND53 billion ($2.3 million) in the previous first quarter.
Other companies also reported rising export prices. Typically, the average price of a ton of rubber in the first two months of Dong Phu Rubber JSC (DPR) reached VND46 million ($2,000), up 25.5 per cent on-year, according to a report by BIDV Securities Company (BSC).
Tire prices rising: Is it a sign of more to come? rubbernews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rubbernews.com Daily Mail and Mail on Sunday newspapers.
Tire prices rising: Is it a sign of more to come?
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AKRON Tire prices are on the rise, due in large part to a combination of increased raw materials costs, higher shipping expenses and changing market conditions.
Over the past few months,
Tire Business has tracked as many as 20 tire-price increases from 10 major tire manufacturers, including multiple increases from all but three of them.
Goodyear, which issued tire price increases in December 2020 and April, noted in its fourth-quarter 2020 conference call in February that it expects raw materials costs to increase $125 million to $175 million during 2021, based on spot rates.
The tire maker said about two-thirds of raw materials costs are influenced by oil prices, and raw materials make up about 36% of the cost of goods sold (COGS). Goodyear said natural rubber and butadiene prices are above pre-COVID-19 levels, and carbon black prices have been rising steadily.
Natural rubber markets present mixed picture rubbernews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rubbernews.com Daily Mail and Mail on Sunday newspapers.