TOP exporter India’s rice export prices fell to their lowest level in more than three months this week on subdued demand and ample supplies, while Thailand’s prices remained largely flat.
India’s 5 per cent broken parboiled variety was quoted at US$528 to US$536 per tonne this week, down from last week’s US$538 to US$546. Prices hit a record high of US$560 last month.
“Demand is very weak from Asian and African countries. Some exporters are paying lower duties on exports and offering rice at a lower price to overseas buyers,” said an exporter based in the southern state of Andhra Pradesh.
New Delhi imposed a 20 per cent export duty on parboiled rice exports in August 2023 to control domestic rice prices.
Meanwhile, Vietnam’s 5 per cent broken rice was offered at US$575 to US$580 on Thursday (Apr 25), unchanged from Wednesday, according to traders. Trading activity is slowing down ahead of a five-day-long holiday beginning this weekend, a trader based in Ho Chi Minh City said.
“The slowdown in purchases by domestic rice processors has put downward pressure on domestic paddy rice prices,” the trader added.
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Vietnam’s markets will be closed from Monday to Wednesday for national holidays.
Thailand’s 5 per cent broken rice prices were quoted between US$580 to US$585 per tonne, similar to last week’s levels of US$585 per tonne. Price movement was flat from Indonesian demand and a depreciating baht kept prices strong, said a Bangkok-based trader.
In Bangladesh, rice output from the summer crop is likely to hit 20.5 million tonnes, up from 20 million tonnes, as farmers raised acreage to cash in on higher prices, an agriculture ministry official said.
The summer-sown crop, also known as “Boro”, usually contributes more than half of Bangladesh’s typical rice production of around 37 million tonnes. REUTERS
