2009-03-23 02:05:36.523 GMT
By Rattaphol Onsanit
March 23 (Bloomberg) -- Thailand, Indonesia and Malaysia, the world’s three biggest rubber producers, reduced exports by 270,000 metric tons in the first quarter as they tried to bolster prices, the head of a producers group said.
“We’re not happy with the price yet, but we are satisfied that it’s holding on there,” said Abdul Rasip Latiff, chief executive officer of the International Rubber Consortium Ltd., which represents growers and exporters.
The global recession has slashed rubber demand, triggering a 47 percent slump in prices over the past year. The three Southeast Asian nations, which harvest about 7 million tons of rubber a year, announced a coordinated plan in December to curb
overseas shipments by 700,000 tons. The three countries are delaying exports by storing output in warehouses or processing the raw material into so-called higher-end products, Latiff said in Singapore, where he’s attending an industry conference.
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To contact the reporter on this story:
Rattaphol Onsanit in Singapore at
ronsanit@bloomberg.net
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