IRCO: more rubber producing countries promise to join the ranks of boosting rubber prices

According to foreign media on October 14, IRCO said that Thailand, Indonesia, Malaysia and Vietnam agreed not to sell natural rubber at a level lower than the current price. Cambodia, the Philippines and Papua New Guinea also promised to join the ranks of boosting rubber prices. The move aims to prevent small-scale growers from suffering greater losses.

The five Southeast Asian trade association stopped selling rubber at a level lower than the current price on October 10, accounting for at least 70% of the world's total output.

Yium tavarolit, chief executive of IRCO, said that we need to assess the situation and see if more measures need to be taken. In fact, there is not much excess supply in the rubber market. At present, the rubber price is lower than the production cost, and the agreement of the main producing countries will prevent small-scale growers from bearing greater losses.

Douglas uggah Embas, Minister of planting industry and raw products of Malaysia, said recently that the international tripartite rubber Council (ITRC), which represents the interests of government officials of Thailand, Indonesia and Malaysia, rubber farmers and exporters, plans to advance the meeting in December to early November to quickly respond to the sharp decline in rubber prices.

Source: China Rubber information trade network