The officials from Thailand, Indonesia and Malaysia under the framework of the International Tripartite Rubber Council (ITRC) met on 12 – 13 December 2018 in Putrajaya, Malaysia to address the prolonged low and unremunerative NR prices.
2. The Meeting deliberated on the current global NR market situation and analysed the relevant NR and other market fundamentals. The three Countries expressed concern that the Market has been led by perception based on inaccurate data despite a healthy balance of current NR supply, demand and related NR stocks. The prices in various markets do not reflect these NR fundamentals. The prolonged low prices below cost of production have been directly impacting the income and wellbeing of millions of rubber smallholders from all producing countries.
3. As an immediate effort to improve NR market situation which would benefit the smallholders, officials from the 3 Member Countries will meet before end of this year to finalise measures to be implemented by ITRC beginning early 2019.
ITRC
13 December 2018