The Thai government via the International Rubber Consortium has asked Indonesia and Malaysia to set minimum levels for rubber prices after Thailand announced a similar move, IRCo acting Chief Executive Yium Tavarolit said Thursday.
Yium said that the three IRCo member countries have agreed to work together on any potential price-control measures.
Thailand Monday pledged to maintain local rubber prices at no less than THB120 a kilogram, amid a sharp slide in prices from record highs in February.
Yium said that agricultural authorities in Thailand will meet this week to discuss the issue of the price controls before contacting Indonesia and Malaysia.
Thailand, Indonesia and Malaysia account for about 70% of global natural rubber production.
(Source: http://www.irco.biz/BlogMoreDetial.php?id=2733&ShowContent=news)
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