Rubber price reaches over $3,000 per tonne in 2010

In 2010, it is estimated that the price of natural rubber in world markets will surpass $3,000 per tonne, Tran Ngoc Thuan, general director of Vietnam Rubber Industry Group stated yesterday March 1 after attending the 2010 International Rubber Conference that was held in Singapore last weekend.

The rubber price has stayed at high level this year because of not only the slump in supplying sources but also the sharply increasing demands for natural rubber thanks to the world economic recovery.

Thuan added that at present, the domestic sales price of rubber products reported at about 50 million dong per tonne, equivalent to $2,630 per tonne. This price would continue increasing to 60 million dong per tonne or $3,157 per tonne in the near future.

The members of World Rubber Association have agreed that if the rubber price fell, they would purchase more to push up the price. On the other hand, the members also reached an agreement about the latex reserves to control the world market price for the purposes of maximising the benefits for rubber workers.

As one of the members of the world rubber association, Vietnam Rubber Industry Group revealed its reserves in 2010 stayed at about 66,000 tonnes, counting for 22 percent of the total rubber production output in 2009.

Now Vietnam has 160,000 hectares of rubber trees with the annual production capacity of about 300,000 tonnes, ranking the third place of latex export. As planned, up to 2020, the group would have total area of growing rubber trees of 520,000 hectares.

Tags: rubber prices, Vietnam Rubber, Vietnam rubber prices

Posted by VBN on Mar 3 2010. Filed under Rubber & Plastic. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry