Update rubber prices 21/09/2022 on world exchanges and domestic markets. The world rubber price was adjusted slightly higher than the previous version.
World rubber price 21/09/2022
At Tokyo Commodity Exchange (TOCOM), the price of rubber for September futures trading reached 218.5 yen/kg, up 0.23% (or 0.5 yen/kg) at the survey point in at 7:15 (Vietnam time).
On the Shanghai Commodity Futures Exchange (SHFE), the October 2022 rubber RSS3 delivery was revised down to 11,895 yuan/ton, down 0.46% (equivalent to 55 yuan). compared with before that transaction.
Jeffrey Kitingan, Deputy Minister of Sabah State (Malaysia), said that it is time to raise the floor price of scrap rubber in the state to 3.50 ringgit/kg to increase income for small farmers, The Star news.
The current floor price of 2.5 ringgit/kg was established 7 years ago and maintaining the price level until today is not fair to smallholders.
"Times have changed and now there's a reason to raise the floor," he said. "We have to make sure that smallholder farmers can make a living, especially during this time when commodity prices are inclusive," he said. even food increased sharply.
He also explained that rubber prices are set by the market, not by the Ministry of Agriculture and Fisheries or the Sabah Rubber Industry Council (LIGS). The rise and fall of prices is determined by the demand of the item in the global market.
Furthermore, he said, the prices of supplies such as pesticides and fertilizers are under the control of the Federal Department of Consumer and Domestic Trade.
“It is important to understand these factors so that no one blames the wrong party or assumes that the Department has unlimited authority to raise or lower prices at will,” he stressed. If we have the right, we will definitely control the price accordingly so that people can have a better income.”
"But the truth is that all prices are market driven. I wish we could do more. Unfortunately, we can only help through subsidies, monetary aid and support. technical support. That is our responsibility and we will continue to provide these services.”
Besides increasing the floor price of scrap rubber, Mr. Kitingan said, LIGS also proposes other ways to increase income for rubber farmers such as planting other crops such as pineapples, raising livestock such as chickens and mining. Breaking opportunities in the non-stinging honey bee industry.
Domestic rubber price 21/09/2022
As of September 12, the price of raw rubber latex in Binh Phuoc was purchased by Phu Rieng Rubber Company at 265-275 VND/TSC, down 10 VND/TSC compared to the end of August 2022.
In Binh Duong, the purchasing price of raw rubber latex of Phuoc Hoa Rubber Company fluctuates at 280 - 282 VND/TSC, down 13 VND/TSC compared to the end of August 2022.
Latex price in Gia Lai was purchased by Mang Yang Rubber Company for 260 - 270 VND/TSC, down 5 VND/TSC compared to the end of August 2022.
According to statistics of the General Department of Customs of Vietnam, in August 2022, Vietnam exported 219.26 thousand tons of rubber, worth USD 332.36 million, up 11.6% in volume and 4.2% in volume. 2% in value compared to July 2022; compared to August 2021, an increase of 15.9% in volume and 7.1% in value.
In the first 8 months of 2022, rubber exports reached 1.2 million tons, worth 2.01 billion USD, up 8.7% in volume and 8.8% in value over the same period in 2021.
Regarding export prices, in August 2022, the average export price of rubber reached 1,516 USD/ton, down 6.6% compared to July 2022 and down 7.6% compared to August 2021.
In August 2022, China is still Vietnam's largest rubber consumption market, accounting for 74.6% of the country's total rubber exports, with 163.58 thousand tons, worth USD 241.07 million. , up 16.8% in volume and 9.5% in value compared to July 2022; compared to August 2021, an increase of 20.3% in volume and 9.2% in value.
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