Indonesia, the second-largest natural rubber supplier, said the International Tripartite Rubber Council will not be able to influence prices unless it enlists cooperation from other big producers such as Vietnam.
"We must ask other producing countries like Vietnam and China to join us," Deddy Saleh, director general of foreign trade at the Trade Ministry, told reporters in Jakarta Friday. "Since China is net importer, we must ask Vietnam to join us."
Prices plunged 26 percent in the second quarter, the most since the final three months of 2008, as growth slowed in China, the biggest consumer. Thailand, the world's biggest producer and exporter, will discuss with Indonesia and Malaysia possible limits on shipments from the countries representing 70 percent of supply to boost plunging prices, Farm Minister Nattawut Saikuar said June 27.
Members of ITRC, which also include Thailand and Malaysia, the second-biggest supplier, have lost global market share, Saleh said. "In 2020 it is estimated to decrease to just about 50 percent."
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