Price of Myanmar raw rubber plunges to around K800 per pound

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(FILES) Rubber is weighted. Photo: Aye Than

Myanmar raw rubber’s price is dropping to around K800 per pound, according to the Myanmar Rubber Planters and Producers Association (MRPPA).
“Although the country’s raw rubber was priced K950 per pound in November 2020, the natural rubber currently fetched around K800 per pound, MRPPA Chair U Aung Myint Htoo said.
“Last November saw the rubber price hit K950 per pound. Now, the raw rubber is sold for around K800 per pound,” he added.
“The prevailing price of raw rubber in the international market is US$300 per tonne,” said U Khaing Myint, the secretary of MRPPA.
“In fact, the global price of raw rubber was at over $2,500 per tonne last week. However, the global price of raw rubber recently dropped to $2,300 per tonne this week,” he explained.
He also added that the raw rubber price falls with international finished-product producers’ reluctance because of COVID-19 pandemic.
“The main reason for the up and down of the raw rubber price is that the international traders are buying raw rubber and planning to manufacture the finished rubber products over COVID post period. But, they don’t have an accurate answer about the pandemic yet. For instance, England started to inject COVID vaccine to the people across the county. But, England was immediately locked down as mutated COVID-19 virus was found in their country. Europe was also locked down, and the producers in Myanmar are backtracking,” said U Khaing Myint.
Rubber is primarily produced in Mon and Kayin states and Taninthayi, Bago, and Yangon regions in Myanmar. As per 2018-2019 rubber seasons’ data, there are over 1.628 million acres of rubber plantations in Myanmar, with Mon State accounting for 497,153 acres, followed by Taninthayi Region 348,344 acres and Kayin State with 270,760 acres, according to the MRPPA.
Besides, about 300,000 tonnes of rubber is produced annually across the country. Seventy per cent of rubber made in Myanmar goes to China. It is also shipped to Singapore, Indonesia, Malaysia, Viet Nam, the Republic of Korea, India, Japan, and other countries.
Myanmar yearly exports over 200,000 tonnes of natural rubber to foreign countries, generating over US$200 million. (Translated by Hay Mar)

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