June 3
THE prices of rubber returned to rise to around K1,200 per pound, rubber traders said.
In early April, sundried rubber sheet (Local 3) was worth K1,235 per pound and ribbed smoked sheet Local 3 fetched K1,255 per pound. The prices gradually declined and reached K1,050 per pound for sundried sheets and K1,070 per pound for ribbed smoked sheets.
Additionally, rubber production usually drops in April. The market was sluggish in the post-Thingyan period as well.
Rubber prices in Mon State are heavily relying on the
Global demand for rubber, rubber production of the Southeast Asian nations and their market supply are contributing factors to the rubber price condition of Mon State, a major producing state in Myanmar, traders elaborated.
Rubber prices climbed up in the monsoon season on strong demand when there was low supply in the previous years. However, the rubber price is likely to go downwards owing to the Central Bank of Myanmar’s currency policy and negative consequences, traders shared their opinions.
Nonetheless, the rubber price has risen these days. The prices of rubber stand at K1,140 per pound for sundried rubber Local 3 and K1,160-K1,170 per pound for ribbed smoked sheet Local 3.
Rubber is commonly produced in Mon and Kayin states and Taninthayi, Bago, and Yangon regions in Myanmar. As per 2018-2019 rubber season 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 with 348,344 acres and Kayin State with 270,760 acres. About 300,000 tonnes of rubber are produced annually across the country. Seventy per cent of rubber produced 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 shipped 303,293 metric tons of rubber to its foreign trade partners and generated more than US$449 million in revenue in the previous financial year 2020-2021. — NN/GNLM
