KUALA LUMPUR—The Association of Natural Rubber Producing Countries has revised up its outlook for global natural rubber demand slightly as economic recoveries continue across the world.
Demand in 2021 is now expected to increase 6.7 percent year-on-year to 13,680 million metric tons, compared to the previous estimate of 13,571 million tons reported in April, ANRPC said in its May review of the market.
The improved outlook is supported by demand in certain countries that are expected to perform better than expected, particularly China.
The outlook for production also had a marginal improvement at 13,812 million tons, up 5.8 percent year-on-year. The 0.1 percent improvement, ANRPC said, was due to China, India and the Philippines revising up their output figures.
Over the month of May, production rose 7.8 percent year-on-year to 982,000 tons, helped by significant increases in production from Vietnam, China and Malaysia.
Demand during the month increased 7.3 percent to 1,052 million tons, with most ANRPC members reporting positive growth in consumption.
Malaysia, Sri Lanka and the Philippines saw demand shrink, due partly to COVID-19-induced lockdowns.
