China High Demand Pushes Vietnam Rubber Prices to New Record
High demand from China has pulled up export prices of Vietnamese rubber to VND57 million a ton, a new record high, at Mong Cai border gate, an official from the Vietnam Rubber Group (VRG) said.
Dinh Van Tien, head of the Import-Export Department under the VRG said export price to China via Mong Cai border gate reached VND57 million a ton (CNY22,700/US$3,302), up from between CNY17,000 and CNY18,000 a ton early this year.
Tien said that was the highest price so far in Vietnam and in the world market, explaining that China, the world&rsquos biggest rubber producer, reported low output resulting in weak supplies, is the major reason for the price hike.
As of late May 2008, Vietnam exported 250,000 tons of rubber, raking in US$450 million. (Countryside Today)
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