Spot rubber prices improve

Spot rubber prices improve

Kottayam, Feb. 22

Spot rubber prices improved on Monday. Moderate gains in the international rubber futures catalysed the market mood and it moved up further on fresh buying and short covering. Sheet rubber increased to Rs 142 from Rs 140 a kg while the remaining grades also finished on the higher side though there has been no considerable improvement in volumes.

Futures firm

The March futures for RSS 4 closed at Rs 143.56 (143.62), April at Rs 148.50 (148.47), May at Rs 151.55 (151.40) and June at Rs 153.02 (153.41) a kg on National Multi Commodity Exchange (NMCE).The February contract expired at ¥289 (284.7) (Rs 146.25) while the March futures for RSS 3 improved to ¥290.5 (¥283.2), April to ¥293.9 (¥286.6), May to ¥297.7 (¥290.4), June to ¥300.3 (¥292.5) and July to ¥302.5 (¥294.6) a kg during the day session on Tokyo Commodity Exchange (TOCOM).

The March futures weakened to ¥285.2, April to ¥290.7, May to ¥295.1, June to ¥297 and July to ¥300 a kg during the night session. RSS 3 moved up further to Rs 148.86 (148.47) a kg on Singapore Commodity Exchange (SICOM). It closed firm at Rs 150.18 (148.11) a kg at Bangkok.

Spot prices were (Rs/kg): RSS-4: 142 (140); RSS-5: 138.50 (137); ungraded: 136.50 (135); ISNR 20: 136.50 (135) and latex 60 per cent: 91 (90).

CAR EXPORTS RISE

Hyundai India's exports cross a million

Australia is the latest export market.

Chennai, Feb. 22

Hyundai Motor India Ltd (HMIL), the country's largest passenger car exporter, achieved yet another milestone with a cumulative export of 10 lakh cars when it loaded its i20 hatchbacks to Australia from the Chennai port.

This milestone was achieved in just over a decade of Hyundai starting its plant at Sriperumbudur, near Chennai.

10 new markets

In 2010, the Korean major plans to add 10 new markets with Australia being the latest entrant to the list. The first shipment to Australia was 500 units of i20s that was loaded through the ro-ro (roll-on roll-off) carrier Asian Emperor.

The total export of i20 cars to Australia is expected to be around 15,000 a year, according to a company release.

Mr H. W. Park, Managing Director and CEO, HMIL, said that with the inclusion of Australia, the company has now covered almost all the continents where ‘Made in India' Hyundai cars are on the roads. Beginning with the export of 20 Santro cars to Nepal in 1999, Hyundai's ‘Made in India' cars are now exported to nearly 110 countries and by the year-end it will reach 120 countries, he said at a function at the Chennai port to mark the the 10 lakh car achievement.

HMIL's parent has noticed the progress made by the Indian operations, now the biggest outside Korea. “India is now a designated hub for the small car,” he said. Over 50 per cent of HMIL's production is exported, he said.

Demand scene

According to Mr Arvind Saxena, Director, HMIL, other than China and India most of the global markets saw a decline in car demand. For instance, the demand in the US market declined by nearly 2.7 per cent; the UK and Germany saw a decline of 4.4 per cent and 5.3 per cent respectively, and Russia's market dipped by nearly 7.5 per cent.

However, China's demand increased by nearly 8.5 per cent and India's by 7.5 per cent. The growth rate was lower when compared to the previous year, he said. The stimulus package announced by the Centre had helped the demand in India. The package should continue for some more time, he said.

Export revenue

HMIL's export revenue that was nearly 35 per cent of car exports in 2006; increased to 50 per cent in 2008 but dropped to 48 per cent in 2009, he said.

Mr Saxena later told newspersons that the company was working on a car smaller than the Santro. “The plan is on,” he said.

Dumping duty on truck, bus radials from China, Thailand

New Delhi, Feb. 22

The Finance Ministry has imposed definitive anti-dumping duty on truck and bus radial tyres imported from China and Thailand.

This move comes as a victory for the domestic tyre industry. It will result in lower imports of radial truck and bus tyres by domestic commercial vehicle manufacturers as landed cost is likely to go up on account of this levy, say tyre industry sources.

Domestic commercial vehicle manufacturers were resorting to imports of truck and bus radial tyres from China and Thailand to meet their requirements.

Based on the recommendations of the Designated Authority in the Commerce Ministry, the Revenue Department has now imposed definitive anti-dumping duty ranging from $24.97 per set of TTF (tyre +tube+ flap) to $99.05 per TTF depending on the producer/country of export.