Rubber prices gone up in Sri Lanka market
Thu, Sep 24, 2009, 11:45 pm SL Time, ColomboPage News Desk, Sri Lanka.
Sept 24, Colombo: Rubber prices have gained considerbaly in the market and the price of a No 01 – Sheet Rubber kilogram was Rs. 265 at the yesterday's rubber auction ( Sept 23), Director of the Rubber Development Department, R.B. Premadasa said.
Due to the high demand in the rubber market a total of 21,975 kilograms of 'Sheet Rubber' was sold at the last auction held yesterday. Meanwhile, the price of a Crepe rubber kilo was Rs. 276 with a total of 58,175 kilos offered at the auction.
Sri Lankan government introduced several measures to encourage the local rubber industry for example, imposing a Cess tax of Rs. 25 for a kilogram of imported natural rubber and providing the local rubber cultivator a concession of Rs. 20 whenever the price of a rubber kilo is decreased lower than Rs. 150 per kilogram in the market. As a result local rubber industrialists have benefited now, sources said.
Apart from that, the government also carried a campaign to promote the local rubber and rubber based products to the international market to further develop the industry, highlighting the quality and the advantages of purchasing local rubber and rubber products competitively with the other rubber exporting countries.
The Department expects that, the present phenomenon would continue in the upcoming months whilst ensuring a more stable and increased price for the local rubber industrialists, sources further said.