Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • ITEC
    • Silicone
    • Online Exclusive
    • Latex
    • Technical Notebooks
    • Executive Action
    • Government/Legal
    • Opinion
    • Rubber Division IEC
    • Blogs
    • Sustainability
    • Products
    • Wacky World of Rubber
  • War in Ukraine
  • Custom
    • Sponsored Content
    • White Papers
  • Resources
    • Directory
    • Classifieds & Mold Mart
  • Data
  • Events
    • RN Events
    • RN Livestreams/Webinars
    • Industry Events
    • Past Events
    • Rubber News M&A Live
    • 2022 Hose & Belt Manufacturers Conference
    • 2022 International Silicone Conference
    • 2022 International Tire Exhibition & Conference (ITEC)
    • 2022 Women Breaking the Mold
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
June 21, 2010 02:00 AM

Malaysia proposes NR bloc to stabilize prices

  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    KUALA LUMPUR, Malaysia (June 21, 2010)—Malaysia has proposed creating a regional bloc-based in Kuala Lumpur and including neighbors Indonesia, Thailand and Vietnam—to stabilize global natural rubber prices and assure steady NR supplies, according to various reports.

    The plan will be called the International Rubber Market, said Hamzah Zainudin, Malaysian deputy plantation and commodities minister, at a press conference in Kuala Lumpur.

    Hamzah blamed excessive speculation on the Tokyo Commodities Exchange and elsewhere for distorting NR prices and necessitating the formation of a new market mechanism.

    Natural rubber prices hit an all-time low of about $1.10 per kilogram during the second half of 2008, but rebounded strongly in 2009 and now hover around the $3 mark. The price of Standard Malaysian Rubber 20 stood at about $2.88 per kilo in Kuala Lumpur June 18.

    Aside from the participation of Vietnam, there was no word on how the International Rubber Market would differ from the International Rubber Consortium, which Malaysia, Indonesia and Thailand—the world's three largest natural rubber producers—founded in 2002 to control both NR production and prices. The top three rubber producers account for about 75 percent of the world NR market, and Vietnam for about 9 percent.

    The plan is still in its infancy, and no details are available, noted one industry source who asked to remain anonymous. “But I'm skeptical about their ability to execute the plan across multiple regions and currencies,” the source said.

    Letter
    to the
    Editor

    Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    Most Popular
    1
    Continental to build $40 million hose plant in Mexico
    2
    Economists warn of extended inflation, incoming recession
    3
    Curtis Brison leaving Hankook, interim president named
    4
    Michelin to end tire production in Russia, transfer operations
    5
    Michelin growth strategy looks at tires and beyond
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • News
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • ITEC
      • Silicone
      • Online Exclusive
      • Latex
      • Technical Notebooks
      • Executive Action
      • Government/Legal
      • Opinion
      • Rubber Division IEC
      • Blogs
        • Products
        • Wacky World of Rubber
      • Sustainability
    • War in Ukraine
    • Custom
      • Sponsored Content
      • White Papers
    • Resources
      • Directory
      • Classifieds & Mold Mart
    • Data
    • Events
      • RN Events
        • 2022 Hose & Belt Manufacturers Conference
        • 2022 International Silicone Conference
        • 2022 International Tire Exhibition & Conference (ITEC)
        • 2022 Women Breaking the Mold
      • RN Livestreams/Webinars
      • Industry Events
      • Past Events
      • Rubber News M&A Live
    • Advertise
    • DIGITAL EDITION