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| Rubber Consumption to Grow 10% in 2006 |
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Rubber Consumption to Grow 10% in 2006 is expected to consume more than 5.5 million tons of rubber in 2006, an increase of over 10 percent year on year, the International Business Daily reported. The newspaper, which is affiliated to Chinese Ministry of Commerce, based the estimate on China's fast economic growth, and the huge amount of China's rubber-related exports. Increasing infrastructure construction, accelerated industrialization, the improvement of people's living standards and more vehicle purchases have led to the continuous growth of China's rubber consumption in recent years, and the momentum will carry over into 2006, the newspaper said. It expected China's rubber output in 2006 to grow more than 5 percent to 2.3 million tons, 1.7 million of which will be synthetic rubber. In 2006, China will import at least 3 million tons of rubber, an increase of 20 percent over 2005, it said, predicting a continued high rubber prices in 2006. The domestic rubber price could still drop during the year if China lowers the rubber import tariff, or if the international crude oil price falls considerably, it said. If the Renminbi appreciates further, rubber import costs will go down, which will also lead to lower rubber prices in China, the newspaper said. (Xinhua News Agency January 6, 2006) |
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