Sinopharm said on Tuesday that as the world’s second-largest rubber producer, Indonesia’s rubber production will increase by more than 20% to 3.6 million tons by 2015 to meet growing domestic and Chinese demand.
Suharto Honggokusumo, executive director of the Indonesian Rubber Association (Gapkindo), said that domestic rubber consumption will jump to 20% of total production within five years.
Indonesia will produce 2.8 million tons of rubber in 2010. The Executive Director of the Indonesian Rubber Association expects that production will increase by 6-8% this year.
The La Niña phenomenon caused rare storms in Indonesia this year, which caused heavy losses in the production of many commodities.
"Before 2007, the annual increase in rubber production was about 10%," he said. “This shows our capacity. The economic situation in 2010 gradually improved.â€
He added, "In 2011 we needed to improve crop quality and increase production."
Indonesia's domestic rubber consumption in 2010 was 420 thousand tons, and executive director Honggokusumo of the association is expected to increase by 10% this year, as the domestic economy is expected to grow by 6.4%.
The International Rubber Research Organization (IRSG) said earlier this month that the global demand for natural and synthetic rubber in 2011 will increase from 24.4 million tons last year to 26.1 million tons.
Traders said that this part was boosted by the recovery of the auto industry. According to the US auto industry sales report, US sales in December last year rose to the highest level in 16 months. Sales growth of the three major auto brands exceeded expectations, indicating that the US auto industry has finally ended its four-year slump in sales.
The Tokyo Commodity Exchange (TOCOM) jumped to a two-week high on Tuesday, and traders said that the tight supply of rubber-producing countries led to a rebound in spot prices and stimulated speculative buying. In August, the price of rubber in the index rose by 25.3 yen or 6.1% to 433.9 yen per kilogram (about 5.38 US dollars). The contract hit an intraday high of 434.5 yen, the highest since March 8.
The price of rubber hit a record high in mid-February, but this month it plunged, as the earthquake and tsunami disasters in the Middle East and Japan have deepened doubts about demand and the global economy.
The Thai government said on Monday that it will not intervene in the domestic rubber market because prices have rebounded to a level satisfactory to rubber farmers.
Supachai Phosu, Deputy Minister of Agriculture, said that the short-term panic after the earthquake in Japan caused a brief decline before the price of rubber. The earthquake caused concern about falling demand. Now that prices have risen, we do not need to take any measures to push up prices.
Also this week, a senior Thai official said that the meeting of the three major rubber-producing countries in Thailand, Malaysia and Indonesia scheduled to be held this week will delay the meeting because prices have rebounded to an appropriate level.
The earthquake and tsunami on March 11 triggered a nuclear crisis immediately, but Honggokusumo stated that it had not heard about the cancellation or delay of shipments to Japan. Japan's rubber demand accounts for 7% of global demand. It is believed that the Japanese earthquake did not have much influence on it.
Suharto Honggokusumo, executive director of the Indonesian Rubber Association (Gapkindo), said that domestic rubber consumption will jump to 20% of total production within five years.
Indonesia will produce 2.8 million tons of rubber in 2010. The Executive Director of the Indonesian Rubber Association expects that production will increase by 6-8% this year.
The La Niña phenomenon caused rare storms in Indonesia this year, which caused heavy losses in the production of many commodities.
"Before 2007, the annual increase in rubber production was about 10%," he said. “This shows our capacity. The economic situation in 2010 gradually improved.â€
He added, "In 2011 we needed to improve crop quality and increase production."
Indonesia's domestic rubber consumption in 2010 was 420 thousand tons, and executive director Honggokusumo of the association is expected to increase by 10% this year, as the domestic economy is expected to grow by 6.4%.
The International Rubber Research Organization (IRSG) said earlier this month that the global demand for natural and synthetic rubber in 2011 will increase from 24.4 million tons last year to 26.1 million tons.
Traders said that this part was boosted by the recovery of the auto industry. According to the US auto industry sales report, US sales in December last year rose to the highest level in 16 months. Sales growth of the three major auto brands exceeded expectations, indicating that the US auto industry has finally ended its four-year slump in sales.
The Tokyo Commodity Exchange (TOCOM) jumped to a two-week high on Tuesday, and traders said that the tight supply of rubber-producing countries led to a rebound in spot prices and stimulated speculative buying. In August, the price of rubber in the index rose by 25.3 yen or 6.1% to 433.9 yen per kilogram (about 5.38 US dollars). The contract hit an intraday high of 434.5 yen, the highest since March 8.
The price of rubber hit a record high in mid-February, but this month it plunged, as the earthquake and tsunami disasters in the Middle East and Japan have deepened doubts about demand and the global economy.
The Thai government said on Monday that it will not intervene in the domestic rubber market because prices have rebounded to a level satisfactory to rubber farmers.
Supachai Phosu, Deputy Minister of Agriculture, said that the short-term panic after the earthquake in Japan caused a brief decline before the price of rubber. The earthquake caused concern about falling demand. Now that prices have risen, we do not need to take any measures to push up prices.
Also this week, a senior Thai official said that the meeting of the three major rubber-producing countries in Thailand, Malaysia and Indonesia scheduled to be held this week will delay the meeting because prices have rebounded to an appropriate level.
The earthquake and tsunami on March 11 triggered a nuclear crisis immediately, but Honggokusumo stated that it had not heard about the cancellation or delay of shipments to Japan. Japan's rubber demand accounts for 7% of global demand. It is believed that the Japanese earthquake did not have much influence on it.
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