Indonesia and Thailand have agreed to keep their rubber export price above $2,600 per metric ton in a move to stabilize global rubber prices, Thailand's deputy prime minister, Suthep Thaugsuban, said Friday.
Both countries plan to invite Vietnam to join them and Malaysia to strengthen their roles as the world's major rubber exporters, Suthep told reporters after a visit to Indonesia.
Thailand has targeted to build its internal rubber stock to 300,000 tons, he said, adding that the government will contribute 100,000 tons while the private sector will provide the rest.
Thailand has never had an official rubber stock piling as it usually lets the price flow with the global market, said a trader from local futures brokerage firm.
Following the rise in rubber prices, the government plans to increase the rubber export fee charge to THB5 to THB7 per kilogram from THB1.50 currently, Suthep said.
The fee will be collected as a fund to support rubber farming.
(Source: irco.biz)
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