Indian prices are still cheaper than Thailand’s $575 a tonne. These are free on board (FOB) or loading prices, spot trade sources informed. (Mint)

New Delhi: Global prices of white rice have shot up since India imposed restrictions on its exports last month, prompting poorer nations to switch to parboiled varieties, helping take up their prices as well.

Because of the restrictions on white rice exports by India, international rice prices have gone up by $100 a tonne in two weeks to $600-650 a tonne. In tandem, prices of Indian parboiled rice have gone up to $450-460 per tonne from $400 before 20 July. Indian prices are still cheaper than Thailand’s $575 a tonne. These are free on board (FOB) or loading prices, spot trade sources informed.

“Exports of raw rice have been banned. After the ban, West African nations that are dependent on Indian rice because of competitive prices are looking for cheaper varieties. Indian parboiled rice is cheaper than prices offered by Thailand, Vietnam, and Pakistan for the same or other rice varieties,” said Agri Commodities Exporters Association President M. Madan Prakash..

“India offers rice at the cheapest rate to the global market, be it broken, white or parboiled. Now African countries cannot import Indian broken and white rice, they have no other option but to move to parboiled rice. Until there is a change in policy, parboiled rice is the next alternative.”

Published Date: August 6, 2023