Major NR producers meet as market is ‘set to improve’

Bandung, Indonesia – Major natural rubber producers in South Asia met in Bandung, Indonesia on 26 Feb where they discussed the current rubber market and measures to strengthen the price of the commodity.

According to the Thai-based International Rubber Consortium (IRCo), the meeting was attended by senior officials of the International Tripartite Rubber Council (ITRC) member countries, Thailand, Indonesia and Malaysia, as well as from Cambodia, Lao PDR and Myanmar.

The six countries currently account for the production of nearly 70 percent of global natural rubber.

IRCo said that the six states agreed to commit to “closer collaboration and cooperation” in order to strengthen natural rubber prices and ensure remunerative income for the benefit of smallholders in the region.

IRCo CEO Yium Tavaolit also expressed confidence that Thailand, Indonesia and Malaysia would continue to limit exports in line with demand in order to stabilise prices.

“Prices [are set] to improve through end of wintering season because of low latex supply and demand will grow steadily,” said Yium.

The countries are set to develop a work plan aimed at strengthening NR prices, added the report.

IRCo is the operating arm of ITRC, which represents government officials, growers and exporters in the three member states accounting for 64 percent of global production.