Malaysia, Thailand and Indonesia are considering cutting Rubber exports by 10% to 15% in order to curb falling prices, Malaysia's Plantation Industries and Commodities Ministry said.
The International Tripartite Rubber Council (ITRC), comprising Malaysia, Indonesia and Thailand, will meet in Bangkok on Sep. 15 to discuss measures to stabilize rubber prices, it said.
The fluctuation of Rubber prices, which has dropped significantly since January, is primarily due to declining demand for the commodity, especially from China, the world’s largest Rubber consumer. Therefore, we need to control the supply, it added.
The three countries will increase the use of Rubber in their respective countries, it said.