India may possibly import 110,000 tonnes of natural rubber in the financial year 2010/11 because record-high local prices are forcing tyre makers to buy more natural rubber from abroad.
This is higher than the Indian Rubber Board’s estimate in April of 70,000 tonnes of import for the year, when spot rubber price was at US $ 3.45 per kilogram.
Industry officials, however, said the imports in the financial year 2010/11 would be higher than 110,000 tonnes as rubber is much cheaper in the international market and domestic demand is very strong. Spot prices in early August hit a record high of US $ 4.00 per kilogram, widening the difference between global and domestic prices.
(irco.biz)
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