The price of rubber is gradually increasing. The prevailing price hit above K1,500 per pound in Mon State’s rubber market, tracking rise in international price.
The prices of rubber were approximately K1,365 per pound of sundried Local 3 and K1,385 per pound of Ribbed Smoked Sheet on 1 June and went up to K1,520 per pound of sundried Local 3 and K1,540 per pound of RSS local 3 at present, indicating a sharp rise of K155 per pound within one month.
Global demand for rubber, rubber production of the Southeast Asian nations and the market supply weigh on the rubber price condition of Myanmar.
The rubber price in Mon State, a major rubber-producing state in Myanmar, is positively related to those factors as well, the traders elaborated.
Myanmar aims to export about 300,000 tonnes of rubber to foreign markets in the current financial year 2023-2024, according to Myanmar Rubber Planters and Producers Association.
The rubber production in the last FY 2022-2023 reached over 360,000 tonnes and more than 200,000 tonnes of rubber were shipped to foreign trade partners. — NN/EM