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Recently, according to Jakarta, Indonesia, Indonesian government agencies and state-owned enterprises will buy 500,000 tons of domestic rubber to help support prices, while the government has also launched a replanting program
.
However, the government did not provide details on when it would be purchased, but Gapkindo said demand for rubber should heat up as infrastructure develops, such as asphalt mixtures
made from rubber when building roads.
Indonesia's Agriculture Minister Amran Sulaman said in a statement that such a revitalization measure is aimed at increasing domestic production to stimulate demand and change global rubber prices
.
At the same time, the government will also provide subsidized loans
to farmers who replanted 1 million hectares of rubber between 2016 and 2019.
Indonesia, the world's second-largest producer of natural rubber, hit a seven-year low last month amid a chronic oversupply and slowing
imports from China, the largest consumer.
Moenarji Soedargo, chairman of the Indonesian Rubber Association, said the move to buy rubber was in line with a plan to cut exports by major Asian rubber producers by 615,000 tonnes over a six-month period from March to support prices
.
