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Asia rice: Buyers favour cheaper Indian variety

MUMBAI/HANOI /BANGKOK/BANGLADESH: Prices of parboiled rice exported from top hub India extended their rally this week as buyers preferred cheaper Indian variety as rates in other major hubs advanced higher, with Vietnamese traders worrying about low crop supplies.

Top exporter India’s 5% broken parboiled variety was quoted at $500 to $507 per ton this week, up from last week’s $493 to $503, with prices gaining even as supplies from the new season crop kept rising. “Due to rising prices in Thailand and Vietnam, buyers are returning to India and willingly paying export duty.

They are finding Indian supplies more cost-effective than those from other origins,” said an exporter based at Kakinada in the southern state of Andhra Pradesh. India last month extended a 20% duty on exports of parboiled rice until March 2024.

Domestic rice prices in neighbouring Bangladesh have stayed elevated, traders said, despite good yields and reserves. The government has been selling rice at subsidised rates to help the poor.

In Vietnam, prices of 5% broken rice were offered at $650-$655 per metric ton on Thursday, unchanged from a week ago, traders said.

https://www.brecorder.com/news/40274876/asia-rice-buyers-favour-cheaper-indian-variety QR Code

Published Date: November 25, 2023

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