In 2012, the output volume of rubber
tires reached 891.67 million in China, increasing by 7.16% YOY. Among that, the
output volume of radial tires totaled 460.5 million, increasing by 17.1% YOY.
In terms of regions, China tire production mainly concentrated in east coast
regions in 2012. The output volume of Shandong, Jiangsu and Zhejiang totaled
591 million, accounting for about 66% of the total tire output volume in
China.
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In 2012, the sales revenue of tire
manufacturers exceeded CNY 400 billion in China. In 2012, the price of tire
materials fluctuated and decreased sharply. Among that, the annual average
price of natural rubber (SCR10) decreased from 33,835 CNY/ton to 25,053
CNY/ton, decreasing by 25.9% YOY; that of styrene butadiene rubber (1500)
decreased from 26,808 CNY/ton to 20,519 CNY/ton, decreasing by 23.5% YOY; that
of butadiene rubber (grade 1) decreased from 30,225 CNY/ton to 22,833 CNY/ton,
decreasing by 24.5% YOY. The causes are as the following: 1. natural rubber
supply was sufficient, but its price kept decreasing due to the influence of
global slump economy; 2. prices of coal and crude oil kept low, so the price of
synthetic rubber also decreased after lost cost support.
In 2012, tire price decreased due to
the weak demand and decreasing price of raw materials. The annual average
prices of radial tires (165/70R14) for sedan and biasply tires (7.501614PR) for
light truck were 265 CNY/set and 701 CNY/set respectively, decreasing by 5.7%
YOY and 12.5% YOY respectively. However, the gross margin of tire industry
increased obviously because of its enlarged profit space. In 2012, the total
profit of tire industry reached CNY 27.5 billion, increasing by 43.7% YOY,
which was 40% higher than the growth rate of output volume. Meanwhile, the
return on assets was 7.3%, increasing by 2% over 2011 with the profitability
enhanced.
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