4 Dec 2014
Shanghai, China - Hainan Rubber Industry Group has agreed to buy 208,000 tonnes of rubber from Thailand's state-run Rubber Estate Organisation (REO).
The purchases would be made at a "fair market price", said Hainan Rubber, though it gave no further details in a filing to the Shanghai Stock Exchange
The contract was signed between REO and Hainan Rubber Group (Singapore) Development Pte, a fully-owned subsidiary of Hainan Rubber, according to the 25 Nov statement.
The contract marks the first transaction between the Hainan Rubber and REO, the Chinese group also pointed out.
The Thai government is seeking to reduce stockpiles of natural rubber bought up by the previous administration in a bid to prop up prices and growers' incomes.
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