Rubber Manufacturers Have Repealed Export Restrictions
Posted on November 30, 2009
Filed Under Interesting
Thailand, Indonesia and Malaysia, the major states-manufacturers of rubber in the world, repealed export restrictions due to the rise of demand and cost of raw materials, reports Bloomberg.
“The prices have risen considerably and the market has begun to revive while shipments and stock volumes are remaining on the low level”, - said Abdul Rasip Latiff, the general manager of International Rubber Consortium Ltd. The decision on the repeal of the export restrictions was taken last week at the meeting of the International Trilateral Council of Rubber Manufacturers.
The cost of the natural rubber has risen by 81% this year as it has been expected that the growth of prices for raw oil and rapid development of the car market in China (which is now the major consumer of rubber in the world) will increase the demand on this raw material. The growth of the Chinese economy has amounted to 8,9% during the third quarter of 2009, and the price for oil has grown by 70% this year what has made the natural rubber more attractive than its analogues made from oil products.
“We had a program on the price growth, and we reached our objectives”, - noted Abdul Rasip Latiff during his telephone interview.
The rates of may futures fell by 9,1 yen to 244 yen per kilo ($2,838 per ton) at the Tokyo Commodity Exchange. Within a few recent months the price has been falling due to the growth of yen exchange rate what has weakened the interest to contracts denominated in yen.
The total yield of rubber in Indonesia, Thailand and Malaysia amounts to around 7 million tons per year, three countries restricted the export of rubber to 690 000 tons for the period from January to July, and to 700 000 tons in December to prevent the rapid fall of prices.
Heavy rain in south provinces of Thailand, where major rubber plantations are situated, can damage the production, confirmed Abdul Rasip Latiff.
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