Friday, June 13, 2014

Hopping for some relief


All India Rubber Industries Association (AIRIA) in its pre-budget submission to the Ministry of Finance has stated that finished products can easily be imported as import duty on rubber products is in the range of 0 to 10%, while the duty on raw materials for the rubber industry is between 5% and 70%. Not only the import duty on raw materials is higher, the duty is levied even on those raw materials which are not produced in the country. Quoting Capexil data, AIRIA has stated that the import duty on raw materials is the highest in India when compared to the neighbouring rubber products manufacturing countries. Rubber industry hopes on correction of inverted duty structure in the coming Union Budget.

Malaysian government announced that rubber tappers throughout the country would receive the RM500 subsidy.

On Thursday, the benchmark RSS4 grade rubber closed at `.145.50 a kg at Kottayam, while National Multi Commodity Exchange, June 2014 futures closed at `.142.43 a kg, July at `.143.68, August at `.142.11, September at `.141.07 and October at `.140 a kg and today trading in green. Today, RSS3 grade closed at `.123.96 a kg at Bangkok and Malaysian SMR20 closed at `.100 a kg. On Tokyo Commodity Exchange, June 2014 futures series closed at ¥188 a kg, July at ¥191, August at ¥192.6, September at ¥196, October at ¥199.2 and the contract for delivery in November 2014 closed at ¥201.1 a kg.

For latest rate of Currency Exchange: www.rubber4u.com/Statistic/Notices

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