Currently, a customs duty of 7.5% is levied on rubber even as rubber prices continue to maintain Rs.220 a kg.
The exhortation comes from the Automotive Tyre Manufacturers Association (Atma) whose Chairman Neeraj Kanwar shot a letter to Commerce Secretary Rahul Khullar asking for duty-free import of 200,000 tons of natural rubber over the next one year. This is currently the demand-supply gap of rubber in India.
Meanwhile, rubber advanced to a record high in Tokyo and Shanghai when purchasers accelerated the procurement of rubber on supply-side concerns.
Currently it is leaf-shedding season for rubber in Thailand and production is expected to come down by 45% to 60% when contrasted with peak seasonal output.
Demand from India and China in the automotive sector also add to price surge. Rubber has advanced 12% this January adding to the rally of 50% past year.
The June-delivery contract surged 2.9 % to touch 466.3 yen a kilogram ($5,668 a metric ton) before finally being traded at 466.1 yen on the Tokyo Commodity Exchange at 1:41 p.m.
Natural-rubber inventories in China decreased by 175 tons to reach 68,675 tons, as per a survey carried out by the Shanghai Futures Exchange on Jan. 14 of 10 warehouses. The inventory figure is 55% lower YOY.
(Source: http://www.commodityonline.com/news/India-tyre-body-demands-lifting-of-import-tax-35777-3-1.html)
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