With an overwhelming response from dealers and manufacturers, mRube, the electronic market promoted by the Rubber Board, has traded 1,000 tonnes of natural rubber in the first 60 trading days since inception.
The Board envisioned the e-market as a game changer in NR trade by improving transparency and market visibility. The system has become more user-friendly and simple with the rollout of the revised version of the software in October. Market participants from the tyre and non-tyre segments had been onboarded to the trading platform and started using mRube for their requirements, said Binoi Kurian, Deputy Director, Marketing, Rubber Board.
mRube had set an example for effective marketing intervention in commodity trading. Built in features of mRube over other online and offline markets like provision for negotiating trade terms, price, delivery conditions, quality features have enticed participants in rubber supply chain.
Manufacturers who had shied away during the initial phase have on-boarded mRube and become active in trade. In commodity marketing, markets are often watertight with sellers got a limited choice of buyers and vice versa. mRube had revolutionised the market system for natural rubber by integrating trade between growers and sellers in production centres to major buyers and manufacturers in distant markets, he said.
Opening new vistas
The e-market has opened up new vistas for growers and dealers especially in the non-traditional belts where supply chain infirmities persists owing to geographical disadvantage. Dealers in the traditional belt also find mRube a cost effective strategy to connect with suppliers in far-off places rather than setting up own collection centres in such areas.
Rubber Board has positioned mRube as a system for strengthening domestic supply chain and modernising conventional market system. mRube attempts to uphold the interest of all stakeholders in rubber value chain by integrating upstream and downstream markets, he said.