International Rubber Union: it plans to increase the intervention price of rubber from $1.20 per kilogram.
Gusmardi Bustami, director of the International Trade Department of the Ministry of trade in Indonesia, said on the 21st that the international rubber Union (IRCO), which is composed of three major rubber producing countries in the world -- Thailand, Indonesia and Malaysia -- plans to increase the intervention price of rubber from $1.2 to $1.4 per kilogram, To keep up with rising global prices
this adjustment reflects the improvement of the fundamentals of the rubber market, after the price fell sharply, as the financial crisis reduced demand
gusmardi Bustami said that in recent years, the rubber price fluctuated violently, sometimes falling below the intervention price. In order to ensure the rubber price, it is also necessary to correctly place the samples that need to be tested, which is beneficial to the producers and urge IRCO to raise the intervention price level. IRCO is still discussing when this adjustment will take effect
irco's three member countries produce 70% of the world's rubber
the financial crisis led to a sharp decline in spot rubber prices, prompting IRCO countries to reduce rubber production by 915000 tons in 2009. Since then, the price has rebounded, reaching a record high of $4.10 per kilogram in April 2010, as demand rebounded with the improvement of the global economy. The current price is 2 per kilogram Guangdong Provincial Geological Experiment and testing center announced recently that it has developed a soil remediation material, which fluctuates between US dollars, and was US $1.15 per kilogram at the end of 2008
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