India’s natural rubber imports in month of February nearly doubled to 18,141 tonnes from a year ago, as per data compiled by state-run Rubber Board. This rise in import can be attributed to a sharp drop in overseas prices prompting tyre makers to increase overseas purchases.
Besides, the country’s natural rubber production in February fell to 60,000 tonnes from 62,000 tonnes a year ago.
Due to persistent worries about a slowing economy in China, its high levels of inventory and weakness in benchmark rubber futures on the Tokyo Commodity Exchange, the prices of tyre grade rubber fell in month of February to multi-year lows.