ANRPC releases Monthly NR Statistical Report, June & July 2024

In the first seven months of 2024, global natural rubber (NR) production saw a slight increase of 0.7%, reaching 7.1 million tons. In contrast, global NR demand grew at a faster rate of 1.2%, totaling 9.0 million tons. Despite the tight supply situation that pushed up rubber prices, market sentiment remained subdued due to several factors: the Federal Reserve's decision to keep interest rates unchanged, concerns about a potential recession in the U.S., and the weakening U.S. dollar, which has exerted downward pressure on both physical and futures market prices.

Below are the snapshots of the outlook for the world NR market in June and July 2024.

Fig 1: Average Daily FOB prices across key markets ($/kg)

Fig 2: Trends of Global NR Outlook, 2020-2024 (% Growth)

(a) Global NR Production

(b) Global NR Consumption

Based on the half-yearly performance and recent adjustments from ANRPC member countries, including the Philippines and Vietnam, the global outlook for natural rubber (NR) in 2024 has been revised. The ANRPC now projects global production to grow at a slower rate of 0.4%, while global demand is expected to increase more rapidly by 2.3%, reflecting revisions from China and Vietnam. The details can be found in the full report. Any interested readers who wish to subscribe to this publication, you may reach out to the ANRPC Secretariat, secretariat@anrpc.org for more information.

Thank you.

TOH, Heng Guan

Secretary-General