轮胎行业专题报告（2025年1月）：2024美国进口半钢胎数量同比增长5.69%，创下新高

Investment Rating - The report does not explicitly state an investment rating for the tire industry Core Insights - The U.S. market for tire imports is showing a robust growth trend, with a 5.69% year-on-year increase in the number of imported semi-steel tires in 2024, reaching a record high of 208 million units [4][67] - The overall demand for tires remains stable, supported by consistent gasoline and diesel consumption, as well as stable automotive sales in the U.S. [57] Summary by Sections U.S. Market - Retail sales in the U.S. automotive parts and tire stores were at $10.974 billion in December 2024, a 2.70% decrease month-on-month but a 4.77% increase year-on-year [4][57] - Gasoline consumption in January 2025 was 8.3044 million barrels per day, a 4.86% decrease month-on-month but a 1.84% increase year-on-year [57] - Diesel consumption was 4.046 million barrels per day, showing a 4.87% increase month-on-month and a 10.71% increase year-on-year [57] - Automotive sales in January 2025 were 1.1125 million units, a 25.40% decrease month-on-month but a 2.36% increase year-on-year [57] Import Market - In 2024, the U.S. imported 208 million semi-steel tires, a 5.69% increase year-on-year, and 18.98 million steel tires, a 9.12% increase year-on-year [4][65] - The U.S. imported 50.87 million semi-steel tires from Thailand, a 19.20% increase year-on-year, and 7.13 million steel tires, a 0.43% increase year-on-year [65][66] - Imports from Vietnam included 21.36 million semi-steel tires, a 19.18% increase year-on-year, and 3.03 million steel tires, a 36.02% increase year-on-year [66] - Imports from Cambodia saw a significant increase, with 12.69 million semi-steel tires (75.99% increase) and 1.19 million steel tires (1523% increase) [66] Raw Material Prices - The tire raw material price index in January 2025 was 173.03, a 2.16% decrease month-on-month but a 6.38% increase year-on-year [6] - The average price of natural rubber was 16,710 yuan/ton, down 3.46% month-on-month but up 27.75% year-on-year [6][7] - The average price of styrene-butadiene rubber was 15,291 yuan/ton, up 2.67% month-on-month and 25.09% year-on-year [6][7] - The average price of rebar was 3,467 yuan/ton, down 1.04% month-on-month and down 14.39% year-on-year [6][7] - The average price of carbon black was 7,008 yuan/ton, down 5.06% month-on-month and down 13.77% year-on-year [6][7] Production and Export - In December 2024, China's rubber tire production was 105.56 million units, a 2.04% increase month-on-month and a 21.51% increase year-on-year [23] - Exports of new inflatable rubber tires from China were 6.059 million units, an 8.12% increase month-on-month and a 14.41% increase year-on-year [23] - The average operating rate for semi-steel tires in January 2025 was 65.88%, a 5.70 percentage point decrease year-on-year [22] Consumer Demand - The replacement market shows resilience, with stable demand in the U.S. [34] - Global tire replacement market growth in December 2024 was +1%, with North America at +7% and Europe at +5% [34]