The top NR producing countries are
blacklisting the buyers who have failed to honour their contracts after the
panic selling in the physical market. Thailand, Indonesia and Malaysia backed
off from a plan to boost up rubber prices at a meeting in Bangkok, but pledged
to prevent defaults from recurring after buyers, mostly from China, wanted to
renegotiate contracts as prices plunged to US$3 a kg.
There have been some contract defaults and
that was mentioned in the weekend meeting in Bangkok, that's why we need to
stop further defaults by blacklisting those buyers who have defaulted. The
group was assessing the number of defaulted cargoes and would send the names of
errant companies to the International Tripartite Rubber Council (ITRC). Other
exporter associations in Indonesia and Malaysia would be doing the same, so
that the ITRC can blacklist them, said Pongsak Kerdwonbundit, president of the Thai
Rubber Association.
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