Rubber Board to hold exporters meet on March 15

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Rubber Board will hold a meeting of exporters and companies at the Rubber Board’s head office on March 15 to take stock of the current market situation and explore export opportunities, especially different grades of sheet rubber.

For the export of sheet rubber, the Centre is extending an incentive of 1.40 per cent of FOB (free-on-board) value under ‘RoDTEP’ (Remission of Duties and Taxes on Exported Products) scheme. The board is promoting Indian rubber under the brand ‘Indian Natural Rubber’. It is a first of its kind initiative by any rubber producing country to certify the quality of the sheet rubber exported.

Indian natural rubber prices have consistently hovering above international market prices for more than ten years. The production during the current fiscal surpassed the previous year’s production in the April-January period. During April-January 2022-23, the production in the country was 7,25,000 tonnes which increased to 7,39,000 tonnes during 2023-24.

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The consumption during the period increased 5.4 per cent and touched 1,17,900 tonnes. India imported 4,10,770 tonnes of NR during April to January 2023-24, which is 11.2 per cent lower than last year. Due to unattractive relative prices, India’s rubber exports were negligible during the last few years.

After a long stint, Indian sheet rubber prices softened and moved below Bangkok prices during January 2024. The prevailing supply shortages were due to wintering in South-East Asian countries and unfavourable weather conditions in the November-December period.