India has revised down its natural rubber production forecast to 840,000 metric tons from an earlier projection of 867,000 tons for the marketing year that started April 1, a senior official with the state-run Rubber Board said Monday.
The country produced 864,500 tons of rubber in 2008-09.
The board also cut its estimate for exports in 2009-10 to 20,000 tons from 45,000 tons earlier, said the official, who didn't wish to be named.
However, the board raised its consumption target for 2009-10 due to rising car sales, the official said.
Local car sales in India climbed at their fastest pace in nearly three years in October, as an easing in loan rates, new models and a slew of festivals boosted demand.
The tire sector accounts for more than half of total rubber consumption.
Rising consumption and falling local production are likely to increase imports, the official said.
The board has raised its import target for 2009-10 to 140,000 tons from 80,000 tons earlier.
Higher imports are also likely to increase year-end stock levels, he said.
Stocks are likely to be 226,000 tons as of March 31, above an earlier estimate of 215,000 tons, he said.
(Source: http://irco.biz)
No comments:
Post a Comment