Crain News Service report
BANGKOK (April 22, 2014) — Thailand’s government has informed the International Rubber Consortium Ltd. that it will not sell natural rubber (NR) stocks at prevailing market prices, according to Yium Tavarolit, chief executive of IRCo.
The Thai ministry of agriculture and cooperatives added that the government has not made any decision to sell its current NR stocks to the market, Mr. Tavarolit said in a statement on the company’s website.
“The Government of Thailand will only consider selling them if the market price of natural rubber is appropriate,” the IRCo leader stated.
Reportedly, concern has been growing among suppliers over the impact of a possible Thai sell-off and weakening demand in China and Japan on NR prices.
IRCo reported a slight improvement in rubber futures and physical rubber markets in Asia for the trading week beginning March 24. It said low NR supply in producing countries contributed to the improvement.
However, a weak rubber market sentiment, unsteady movement of global stocks, commodities and currencies still weighed on rubber futures in the region during the week, it said.
This report appeared in European Rubber Journal, a UK-based sister publication of Tire Business.
Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?
|I wholeheartedly support their action – something needs to be done.||
|I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.||
|I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.||
|I’m kind of on the fence and not sure what’s right, but need more information before deciding.||
|I don’t really care whether or not relief is granted.||
|Total votes: 78|