Thailand to sell 66,000 tons of rubber to Singapore

BANGKOK (April 10)—Thailand, the world´s largest natural rubber producing nation, has agreed to sell 66,000 metric tons of rubber smoked sheets, grades 3 and 5, to Singapore at $510 per ton or 51 cents per kilogram, according to a report from Bloomberg News Service. Total price of the rubber will be $33.66 million. Bloomberg said Thailand wanted to reduce its rubber stockpile, but industry officials were mystified that Thailand would sell rubber at a time when prices are so low. "This is just adding to the nearby stockpiles and keeping a lid on prices," said Kip Tobin, president of Centrotrade Rubber U.S.A. in Akron and of the Rubber Trade Association of North America. "It´s a good deal for consumers—supplies are high, prices low." The announcement of the Thai sale follows closely on the announcement of the moribund International Natural Rubber Organization that it had finished selling off the 138,000 metric tons of rubber it had stockpiled.