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Monday, 21 May 2012 00:00 - - {{hitsCtrl.values.hits}}
Reuters: India’s natural rubber imports in April nearly tripled from a year ago to 17,509 tonnes, state-run Rubber Board said last week, reflecting deals signed by local tyre makers earlier this year to cash in on lower prices overseas.
However, imports have fallen from March when they stood at 19,199 tonnes.
“Import is higher compared to last year, but compared to last month it has come down. Tyre makers are not making new deals,” said a senior official at Indian Rubber Dealers Federation, who declined to be named.
“They are getting material from old contract that they had signed in January-February. Then rubber was cheaper in the world market. Now it is exactly opposite.”
Rubber prices in the local market are falling faster than overseas as Indian tyre makers reduced purchases from the domestic market after building an inventory from record imports in the previous fiscal year, dealers said.
The spot price of the most traded RSS-4 rubber (ribbed, smoked sheet) in the Kochi market in southern Kerala state was 194 rupees ($3.59) per kg on Monday, while it was 202 rupees in Bangkok, Thailand, data with the Indian Rubber Board showed.
The country’s imports in the financial year ended in March rose to record high of 205,433 tonnes, up over 9 per cent on year. India imports natural rubber from Thailand, Indonesia, Malaysia and Vietnam.
The country’s natural rubber production in the month eased to 52,700 tonnes from 56,800 tonnes a year ago. Rubber consumption in April eased a per cent on year to 80,500 tonnes, the statement said.
