China to buy 128k tonnes of rubber for state reserves - report

Bangkok – The Thai Rubber Association has said that China’s State Reserves Bureau is to buy 128,500 tonnes of rubber for its stockpiles.

Citing an industry website Qinrex.cn’s report, the association said that the Chinese State Reserves Bureau had invited Yunnan State Farm, Hainan Rubber Group and Sinochem International to make offers on 9 Dec.

The report, however, added that market participants were skeptical that the move by the top consumer would do much to help the falling prices.

Hainan Rubber recently agreed to buy 208,000 tonnes of rubber from the stockpiles of top producer Thailand, which had been hanging over the market. The move, however, did not seem to help the downtrend in the market.