Vietnam targets broader export market for rubber

Ho Chi Minh -- According to an article in Viet Nam News, "The Ministry of Industry and Trade has set higher targets for rubber exports and an expansion of its markets beyond China, the biggest buyer of Viet Nam’s unprocessed rubber products. Viet Nam ranks fourth worldwide after Thailand, Indonesia, and Malaysia in rubber exports, but the ministry believes that it can increase both the quality and number of rubber exports. China imports 64 per cent of the country’s rubber, with Singapore, South Korea, Germany and the US the next highest among the 40 countries that buy Viet Nam’s rubber. The lack of a trademark is one reason Vietnamse rubber sells at low prices. The country exported 760,000 tonnes of rubber last year while the target was 780,000 tonnes. This year, the Ministry of Industry and Trade targets a 4 per cent increase in export output and a rise of 12.4 per cent in export value compared to 2007. Viet Nam Rubber Association’s management board said higher demand on the world market and fewer supplies should contribute to higher prices. Rubber prices rose in some markets, including US$165 per tonne in Russia, $130 per tonne in Turkey, $70 per tonne in China and $64 per tonne in Japan."

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Malaysian rubber prices reach new high

According to an article on Bernama, "Malaysian rubber prices extended their gains today [May 16], hitting another new all-time high, taking cues from the uptrend in regional markets like Singapore, Thailand and Indonesia, a dealer said. According to him, Singapore's SMR prices hit 954 sen per kg, Indonesia 928.5 sen and Thailand 931 sen. "The uptrend in the regional markets has provided support to the local market. Tight supplies still remains as one of one the contributing factors," he said. The unofficial sellers' closing price for tyre-grade SMR 20 hit a new all-time high of 934 sen per kg, up 11 sen from yesterday's 923 sen, while latex in bulk also touched a new high of 613 sen per kg, increasing 5.5 sen from 607.5 sen previously.

At noon, the Malaysian Rubber Board official physical price for tyre-grade SMR 20 went up 11.5 sen to 928 sen from 916.5 sen yesterday while latex in bulk rose six sen to 610 sen from 604 sen previously. He said SMR 20 is set to touch 955 sen per kg level next week as the market is expected to rise further due to supply concerns.

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