This entry was posted on Thursday, November 26th, 2009 at 9:02 pm and is filed under Rubber News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
SINGAPORE (Dow Jones)–The International Rubber Consortium has eliminated its controls on natural rubber exports, which were imposed in December last year after a drastic fall in prices, chief executive Abdul Rasip Latiff said Thursday.
“We have achieved our objective. Prices have recovered, supply is tight and stocks are low, so it is no longer necessary to control exports,” Abdul Rasip said.
He said the decision was made during IRCo”s recent meeting on Malaysia”s Langkawi island.
IRCo comprises the world”s three largest natural rubber exporters–Thailand, Indonesia and Malaysia–which control around 70% of the world”s natural rubber supply.
Last week, Dow Jones reported that IRCo was likely to lift curbs on natural rubber exports due to a surge in prices.
Source: Dow Jones