India’s Rubber Board says that the electronic platform it developed for natural rubber (NR) trading, known as mRube, will go live on 8 June 2022.
The e-trading platform has been launched to improve the marketing effectiveness in the NR supply chain, according to the Rubber Board, that also said the country’s NR trade possesses an innate advantage of high-level marketing efficiency, thanks to its supply chain.
The rubber market ecosystem has changed significantly over the years with changing patterns of demand in terms of quality and quantity from the consuming sector, the Rubber Board pointed out.
Though price realisation is relatively good for producers of quality rubber, large volumes of ungraded rubber are traded in the country. These producers are at a disadvantage and are losing out due to lack of proper market awareness. There are also situations where growers and co-operatives find it difficult to sell rubber as per quality grades to the final consumer, which often dissuades them from producing quality material. Additionally, the size of the dealer fraternity is also seen shrinking, according to the Rubber Board.
Thus, the e-trading platform is intended to complement the existing trade system by bringing in more transparency and market visibility. The Rubber Board says it expects mRube to boost the business of existing rubber dealers, processors and manufacturers, by reaching out to new sellers/ buyers, even in far-off places.