The expanding stockpiles allegedly signals the country’s easing demand for rubber at the wake of a slow economic growth.
Commerce and Industry Minister Anand Sharma has announced the increase after acknowledging what has been a “long-pending demand” of the Kerala government and its local cultivators for an import duty hike on rubber.
According to the report, major Asian tyre enterprises have been increasingly focusing on vertical expansions to buffer the impact of volatile prices of key raw materials, such as natural rubber , on the sector.
The current situation is a positive respite for Japanese synthetic rubber producers, who in recent years, had focused on the domestic market as the strong currency impeded their export edge.
US-based biobased chemicals maker Cobalt Technologies says it has entered into a strategic relationship with two prominent Asian chemical companies
The plant in Nyiregyhaza focuses almost exclusively on the production of Phoenix air springs, which are specially tailored to the requirements of the replacement market.
The decision, which will affect approximately 90 carbon black employees, was because of the facility’s manufacturing inefficiencies and raw materials costs.
The Rubber Industry Smallholders Development Authority (Risda) will extend an RM500 one-off assistance each to some 3,225 smallholders in the country.
The proposal for the agro-climatically suitable area targets to boost the country’s rubber industry.
The mass rally in Bangkok will be held this month to call the attention of the Government on the rubber price situation.