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.
What is the top story from tire and automotive service industry in 2017?
|Icahn Automotive buys more than 225 retail and two other franchise groups with nearly 1,000 locations.||
36% (44 votes)
|Nokian and Triangle announce plans to build tire plants in North America, while Hankook and Giti officially open their N.A. plants.||
22% (27 votes)
|Love’s Travel Stops open 36 travel stops, acquire Speedco and the establish a retread business unit.||
11% (13 votes)
|Tire manufacturers hike prices as raw material prices fluctuate.||
17% (20 votes)
|K&M expands into New England by acquiring MotoStar.||
4% (5 votes)
|eBay Motors launches tire installation service for U.S, as well as automotive technician search service.||
10% (12 votes)
|Total votes: 121|