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Tyre industry anticipates subdued growth amid rising rubber prices

 LindsayBobby
  43
 May 29, 2024

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KOCHI: Consumers of natural rubber, especially in the tire industry, expect growth to remain weak in the first half of the year, despite manufacturers’ expectations of a better outlook from higher prices this year.

Prices of the business important RSS 4 variety touched a five-month high of Rs 139 per kilogram. CP Krishnan, Executive Director, Geofin Comtrade “The bullish trend is likely to continue with increasing demand from China’s largest consumer.” Crude oil prices are also on the rise, pushing up synthetic rubber prices. This will also affect the natural rubber industry in India.”

The international price of Rs 159 per kilogram, which is Rs 20 higher than the Indian price, cannot be imported. In 2015-2016, natural rubber imports hit a record high of 458, 374 tons.

In the first eight months of the current fiscal, revenues were up 8% from the same period last year. International prices started rising in December. Krishnan said, “Production in Thailand’s largest producer declined. The increase in production in Vietnam has compensated for this decline to some extent.3 to 3. Domestic prices are set to touch 150 months Rupees.”

Rubber production has reached 428,000 tons in the eight months to November, up 12 percent from the same period last year. However, fewer people are taking up the National Price Support Scheme (NPSS) as the price gap between domestic and foreign prices is narrowing. “Since July 2016 Since the beginning of this year, 70,000,000 farmers have joined the price support program, bringing the total number of beneficiaries to 4.36 million, said Jaydeveve Anand, deputy director of the Rubber Board.

As of June 2016 monthly financial year, Rs. 5.96 billion was paid to Rubber Board as per the scheme.

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