• Prices decline across key ports for bulk buying
• Weak rupee, cautious buyers weigh on market

Export FOB prices for IR64 5% parboiled rice declined across most loading ports week-on-week, extending the downtrend in Indias export market. Kakinada prices fell to $346/t from $356/t (down 2.8%), while Vizag dropped to $349/t from $357/t (down 2.2%). Kandla also eased to $351/t from $356/t (down 1.4%), whereas Mundra and JNPT remained largely stable at $360/t and $359/t respectively, indicating limited downside at higher offer levels, particularly for containerized shipments.

At the domestic level, ex-mill prices in Raipur, Chhattisgarh are currently assessed at around INR 2,830-2,850 per quintal, with indications of softening towards INR 2,810 per quintal for April shipments. Trade in the Raipur, dhamtari, durg, rajnandgaon and bilaspur belts continues largely on a FOR (Freight on Road) basis. Meanwhile, bulk quotes are quoted at around INR 2,990-3,000 per quintal for Vizag and INR 2,960-2,970 per quintal for Kakinada, though buying interest remains weak.

The decline in export prices comes as the Indian rupee weakened further to around 94 per U.S. dollar, a record low, allowing exporters greater flexibility to lower dollar-denominated offers without significantly impacting rupee realizations. Despite this, demand remains subdued, with buyers largely staying on the sidelines in anticipation of further price corrections. Elevated freight rates continue to inflate landed costs, discouraging fresh bookings and keeping overall trade activity muted.

Exporters report increasing resistance from key West African markets, where currency volatility and tight liquidity conditions are constraining import appetite. Buyers continue to negotiate aggressively, but deal conversions remain limited amid uncertainty over currency movements and freight.

On the supply side, comfortable paddy availability and steady milling activity are ensuring sufficient exportable surplus, preventing any immediate price rebound. However, further downside is restricted by already thin milling margins, limiting aggressive undercutting. Market participants are also closely tracking the outcome of the Chhattisgarh paddy auctions, expected shortly, which could influence near-term price direction.

Published Date: March 25, 2026