1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint of the Report - The price of natural rubber is expected to fluctuate at a high level. The raw material price is firm during the low - production season, the supply is expected to increase as the tapping season begins, the demand is recovering well, but high inventory and rising bonded - area inventory put pressure on the price [6] 3. Summary by Relevant Catalogs 3.1 Market Performance - On March 31, 2026, the closing price of the main natural rubber contract was 16,345 yuan/ton, with a daily change of - 0.82% [1] 3.2 Supply - From January to February 2026, the cumulative import of natural rubber was 1.1065 million tons, a year - on - year increase of 14,900 tons or a growth rate of 1.36%. The import volume was slightly lower than that in the same period of 2023, ranking second in the same period in history. The international market demand is average, and domestic downstream pre - festival stocking and arbitrage trading support the high import volume. The global natural rubber is mainly flowing to the Chinese market. The global natural rubber producing areas have normal phenology this year. Starting from mid - March in Yunnan, the world will enter a new tapping season. High raw material prices stimulate tapping enthusiasm, and there is an increasing expectation of new rubber supply in the future [2] 3.3 Demand - On March 27, 2026, the operating rate of China's semi - steel tires was 78.30%, and that of all - steel tires was 70.77%, both higher than the average in the same period over the years. The recovery of tire production line operating rates and the strong export of automobiles drive the downstream to have a stronger purchasing intention, and there may be follow - up purchase orders. The high price of synthetic rubber stimulates some enterprises to increase the substitution purchase of natural rubber, which provides short - term support for the price [3] 3.4 Inventory - According to the survey data of Zhuochuang Information, in the week of March 27, the inventory of general trade warehouses for natural rubber in Qingdao was 566,000 tons, an increase of 4,400 tons or 0.78% from the previous period. The inventory in the bonded area of Qingdao was 141,900 tons, an increase of 600 tons or 0.42% from the previous period [4]