Bangkok – International Tripartite Rubber Council (ITRC) countries Thailand, Indonesia and Malaysia have agreed to cut natural rubber (NR) exports by a combined 200,000-300,000 tonnes.
During a 21 Feb meeting in Bangkok, government ministers from the three countries said ITRC officials would discuss details of an ‘agreed export tonnage scheme’ within two weeks.
The move is intended to address “the prevailing depressed NR price level,” according to the International Rubber Consortium (IRCo) – ITRC’s operational arm.
NR markets and prices have been “hovering at a low level throughout the year 2018 until early 2019,” said a 25 Feb statement from IRCo.
However, it noted, ITRC ministers have been encouraged "by the improved NR price globally since the middle of December 2018. "
The three countries produce roughly 60% of global rubber output of over 12.7 million tonnes.