INRO changes rules on buffer stock sale

KUALA LUMPUR, Malaysia (Oct. 16)—The International Natural Rubber Organization has changed the rules governing the sale of its 138,000-metric-ton buffer stock to allow member governments to bid on the rubber. Also, INRO has altered its mandate in selling the stock, saying now it will sell the stored rubber "in an orderly manner based on prevailing market conditions," rather than demanding that bids cover the organization´s costs and expenses. Voting members of the INRO council approved the changes in a meeting in Kuala Lumpur. The 20-year-old NR price stabilization group, which is liquidating, has a mandate to sell the last of the buffer stock by June 30, 2001, but previous bids failed to meet the organization´s price demands. The Thai government hailed INRO´s decision, saying it may buy some of the rubber if it can get it at below-market prices. Meanwhile, INRO issued a formal request for bids on RSS 3 in Bangkok and TSR 10 and 20 in Malaysia, in minimum parcels of five lots or 450 tons. "We´ll see what happens when the New York and London markets get involved," said Clifford Raisch, assistant U.S. buffer stock manager for INRO.