Bangkok – Members of the International Tripartite Rubber Council (ITRC), Thailand, Malaysia and Indonesia, have agreed to adopt “export restriction measures” in the face of declining natural rubber prices.
Producers set to cut natural rubber exports
In a translated statement, published 10 July, Rubber Authority of Thailand (RAT) governor Titus Suksaard said ITRC would meet soon to decide the level of NR exports to cut.
The announcement followed ITRC’s 28th international meeting last week, where member states agreed with further ministerial meetings to “solve the problem of rubber price volatility in short term”.
Citing unnamed sources, the Bangkok Post said 12 July that the exports cuts are likely to start in August and will be the same size as previous year, i.e. 300,000 tonnes.
The three countries produce roughly 60% of global rubber output of over 12.7 million tonnes.