Thailand’s plan to release rubber stocks affects local prices

Thailand’s plan to release rubber stocks affects local prices

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Jakarta — Indonesian rubber farmers have suffered losses from the decline in global rubber prices as their product now sells for Rp 9,000 (67 US cents) per kilogram, from Rp 12,000 previously. Indonesia Rubber Council (Dekarindo) chairman Azis Pane said the price decline was affected by Thailand’s plan to release 125,000 tons of its rubber stock after previously releasing 90,000 tons. Thaiand can greatly affect rubber prices in the international market because it produces large amounts of the product. “We have to admit that Indonesia cannot influence the rubber market and its products because we produce less than Thailand,” said Azis on Tuesday (07/03). Therefore, he called for the establishment of more industries that used rubber as raw material so that rubber prices would not be decided by global prices.

Source: thejakartapost
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