AITDF to explain its case before CCI

Tyre manufacturers increased tyre prices when the natural rubber prices were moving northward. Currently, rubber prices on its downward trend, has forced the All India Tyre Dealers Federation (AITDF) to demand a cut in tyre prices. In a letter to Competition Commission of India (CCI), AITDF said that the domestic tyre companies raised prices when natural rubber prices went up, but had not reduced the prices when the prices came down. Representative of AITDF will be appearing before the CCI on 18th February to explain its case.

On Monday, the benchmark RSS4 grade rubber in India closed at `.150.50 a kg at Kottayam. Today, RSS3 grade closed at `.145.25 a kg at Bangkok and Malaysian SMR20 closed at `.133.93 a kg. Tokyo Commodity Exchange, January 2014 futures series closed at ¥262 a kg, February at ¥259.3, March at ¥247.7, April at ¥247.7, May at ¥249 and the contract for delivery in June 2014 closed at ¥249.6 a kg. While National Multi Commodity Exchange February 2014 futures trading at `.153.19 a kg, March at `.155.75, April at `.159.10 and May at `.161.01 a kg, at 13.25 IST.

Read lot more in Rubber4U – 1st February 2014 issue

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