The market price of nitrile latex may continue to hover at a low level
2023/8/25
From January to July 2023, the total import volume of nitrile latex in China reached 67600 tons, an increase of 21.80% compared to the same period last year. The main reason for the rebound in export volume is the improvement in domestic nitrile glove orders, which has led to an increase in raw material procurement by glove enterprises. At the same time, external prices continue to decline, and under the stimulation of high-quality and affordable products, domestic glove production enterprises have become more proactive in placing orders and storing goods. However, the average import price fell to 875.58 yuan/ton, a decrease of 24.55% compared to the same period last year. The reason for the price decline is still due to the saturation of product supply, the continuation of the sales strategy of low price competition among enterprises, and the low market prices of main raw materials butadiene and acrylonitrile in the first half of the year, dragging down product prices.
The main importing countries of China's nitrile rubber latex are still South Korea, Malaysia, Japan and other countries. From January to July, South Korea's total import volume reached 56800 tons, accounting for 84.06% of the total domestic import volume, with an average import price of 788.48 US dollars per ton. At present, Korean LG enterprises are investing in the normal production and operation of a 100000 ton nitrile latex plant in Ningbo, resulting in a significant reduction in the import volume of Korean LG goods. The main supply enterprise for Korean imported nitrile latex goods is mainly Jinhu, South Korea. The global supply of nitrile latex is saturated, and the Chinese nitrile latex quotation continues to decline. In order to ensure the domestic demand market, the Korean supply quotation price has also dropped to a low level.
The global production enterprises of nitrile gloves are mainly concentrated in Malaysia and China. After the end of the epidemic, the competition in the main downstream protective gloves market continued to escalate, and the growth rate of terminal demand significantly slowed down. Most of the domestic glove orders rebounded, mainly attracting customers to switch orders at low prices. The main export destination of China's nitrile rubber latex is Malaysia. Due to the impact of glove transfer orders, Malaysian nitrile rubber glove enterprises have started to operate lower, and the demand for raw materials has weakened. Therefore, the total export volume of China's nitrile rubber latex from January to July was only 12000 tons, and the average export price has dropped to 868.83 US dollars/ton. The overall export situation continues to be weak.
In summary, the import and export pattern of nitrile rubber latex in China may continue to be characterized by excessive imports and limited exports in the short term. The end of the third and fourth quarters of the glove market are in the traditional off-season, and it is difficult to find favorable demand support. It is expected that market prices may continue to hover at low levels. It is recommended that Chinese nitrile rubber latex enterprises enhance their bargaining power in the industrial chain and reduce their own operational stability risks.
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