China’s rubber inventories reach 240,000 tons, closing to historical high, which may add big pressure on downside rubber price, according to latest report by National Business Daily.
According to latest statistics,China’s natural rubber inventories in Qingdao Bonded Area have increased to 156,000 tons by August 16. Synthetic rubber and composite rubber grew to 47,000 tons and 37,000 tons respectively in the same period.
While, the historical record of rubber stock is 250,000 tons in all.
General speaking, stock inQingdaoBonded Area is a barometer forChina’s rubber prices, an insider closing to Qingdao International Board of Trade.
China’s rubber consumption takes 30% of global demand, and tire manufacture takes 70% of China’s rubber consumption.
