Rubber prices fluctuate in domestic market tracking int’l rubber prices

The prices of rubber are moving up and down following international rubber prices. Trade is going regularly at present, rubber traders highlighted.
The international rubber price climbed from US$1,650 to $1,700 per tonne, causing the rubber price to increase to K1,410 per pound from K1,350 in the domestic market.
Myanmar can export only raw materials. China accounts for approximately 70 per cent of Myanmar’s overall rubber exports and the remaining is sent to Malaysia, Indonesia, Singapore, the Republic of Korea, India and Japan.
Myanmar sent 2,537 tonnes of rubber worth $3.215 million to foreign markets by sea between 20 and 26 May, with 2,016 tonnes to China, 260 to India, 200 to the ROK and about 60 to Malaysia.
Meanwhile, the country delivered over 1,140 tonnes of rubber worth $1.351 million to the neighbouring countries, comprising 806 tonnes to Thailand and 337 to China.
Seaborne trade is the main channel for rubber exports. The country aims to meet the rubber export target of 300,000 tonnes in 2023 and around 200,000 tonnes have been shipped to external markets already.
“The price at the beginning of the rubber season is quite good. The local rubber price is heavily reliant on international prices. Earlier, the prices stood at K1,080 per pound of Ribbed Smoked Sheet RSS-3 and K1,100 per pound of RSS-5. The price surged to K1,400 per pound of RSS-3 and K1,300 per pound of RSS-5 in early June,” Ko Aung Myo, a rubber trader from Mawlamyine told the Global New Light of Myanmar (GNLM).
It is mainly cultivated in southern Myanmar: Mon State and Taninthayi Region. It is also found in Yangon and Bago regions and Kayin State. There are over 10.64 million acres of rubber across the country. — TWA/EM