Big three rubber producers confirm regional bloc
ERJ staff report (BC)
Phuket - The world's top rubber producers have confirmed a policy of cutting exports, but see no need for additional steps to support prices, senior Thai government official Wit Pratuckjai has told India's Financial Express.
Thailand, Indonesia and Malaysia agreed in August to cut exports by 300,000 tonnes. Reductions began in October and will run through to March 2013.
Government and industry officials from the three rubber-producing nations gathered in the resort town to discuss the overall rubber market situation. The leaders are expected to outline new plans for cooperation on rubber price stability as they work to promote a regionwide solution, an official said on condition of anonymity.