MUMBAI (Commodity Online): The ANRPC lowered its forecast of growth for global supply of natural rubber for 2010 to 5.2% from the 6.1% rate anticipated in May, according to its June monthly bulletin released recently.
The ANRPC had earlier in March anticipated a 6.3% rate of growth and had even then cautioned it to be an optimistic rate and pointed out a host of constraints in its achievement.
Auto sales in both the U.S. and China continued to rise in June but at a slower pace than the previous month. China’s auto sales surged 30.45% year on year to 7.18 million units in the first half of the year, keeping Chinas position as the world's largest auto market intact. U.S. auto sales also grew in June from the depressed level of year earlier.
Light vehicle sales rose 14% to 983,738 units in June up from last year, Vietnam exported 239,000 tonnes of rubber worth US$656 million in the first half of the year, with earnings 82.5 per cent higher year-on-year, according to the general secretary of the Viet Nam Rubber Association.
Tata Motors and Ashok Leyland have blamed the shortage of tyres in Indian market for increasing imports from China. The average monthly off take by OEMs in fiscal 2008 was 218 thousand tyres, which fell to about 144 thousand in fiscal 2009 due to the global slowdown. The figure recovered to 187 thousand in the last fiscal and for the first two months of the current year, demand has been at 230 thousand tyres a month.
(commodityonline.com)
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