With an aim to protect domestic players,
India has initiated a probe into alleged dumping of 'Styrene Butadiene Rubber
(SBR) of 1,500 series and 1,700 series' used for leather goods by the EU, South
Korea and Thailand following complaints from Reliance Industries and Indian
Synthetic Rubber.
Kerala Congress (M) leader Jose K. Mani, MP,
who is on an indefinite fast demanding immediate intervention of the Centre to
find a lasting solution to the crisis in the natural rubber sector and has
called for imposing more tax on synthetic rubber. In a statement Jose K. Mani
said that synthetic rubber attracted an import duty of just 10%, against the 25%
by natural rubber. It is only natural, that synthetic rubber should at least
attract an import duty on par with that of natural rubber.
With an aim to discourage cheap imports of
natural rubber, government allowed inbound shipments of the commodity through
only two sea ports of Chennai and Nhava Sheva (Jawaharlal Nehru Port).
Thailand government will call for a meeting
with related agencies, including the Finance Ministry, Bureau of the Budget,
and Council of State to discuss the Bt4.5 billion budget allocated to purchase
100,000 tonnes of rubber at Bt45 per kg. Agriculture Minister General Chatchai
Sarikalya said the Cabinet approved the measure proposed by the Ministry to use
the budget to buy rubber directly from farmers. The purchase would be conducted
from 25th January onwards.
The benchmark RSS4 grade rubber closed at `.96
a kg at Kottayam, while RSS3 grade closed at `.87.33 a kg at
Bangkok and Malaysian SMR20 closed at `.73.88 a kg. On
National Multi Commodity Exchange February 2016 futures closed at `.96.90
a kg, March at `.98.89 and April closed at `.101.67 a kg. On
Tokyo Commodity Exchange, January 2016 futures series closed at ¥146.3 a kg, February
at ¥146.8, March at ¥149.9, April at ¥152.4, May at ¥155.3 and the contract for
delivery in June 2016 closed at ¥156.7 a kg. On Thursday, most probably Tocom
futures contract for delivery in June 2016 may trade in the range of ¥154 &
¥159 a kg.
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