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It is reported that at present, Thailand, Malaysia, and Indonesia, the three major rubber-producing countries, have reduced their rubber exports due to the decline in international demand.
Since May, international rubber prices have fallen by 30% to 140 Indian rupees per kg (about US$2.53), driving India’s Tire Corp’s second-quarter profit to increase sharply. Among them, Apollo Tire’s second-quarter net profit in India increased by 78.94% to 13.8. INR 100 million (approximately US$24.98 million).
Industry sources said that the reduction of export volume by the three rubber-producing countries will directly affect the Indian tire industry. Affected by the price of international rubber, rubber prices in India are also rising. Affected by the declining demand from domestic tires in India, the profits of Indian Tire Company may plummet in the next quarter.