BANGKOK, Thailand (Oct. 24, 2011)—The International Rubber Consortium will ask member countries Thailand, Indonesia and Malaysia to slow natural rubber exports until prices rise, according to IRCo Chief Secretary Yium Tavarolit.
“IRCo will recommend members tell farmers that they should reduce raw rubber sales until prices are at a level reasonable to both sellers and buyers,” Yium said. The Bangkok-based chief secretary said the organization will NR's floor price at $4 a kilogram.
The IRCo issued a similar recommendation in August during an NR selloff in the futures market. The reminder comes on the heels of sharp declines in Hevea rubber prices because of global macroeconomic concerns.
The organization said its member nations account for 70 percent of global Hevea rubber production.