BENGALURU/MUMBAI/HANOI/BANGKOK: Rates of parboiled rice exported from India eased off from record highs this week, as buyers sought cheaper deals elsewhere, while a weaker baht weighed on Thai prices.

Top exporter India’s 5% broken parboiled variety was quoted at $548-$555 per metric ton this week, down from the last week’s $552-$560. African buyers, hesitant at the current price level, are seeking cheaper alternatives, a Mumbai-based dealer with a global trade house said.

Indian traders are signing few new contracts for exports of parboiled rice after customs officials changed the calculation method for the 20% export duty, resulting in a higher levy, four industry officials told Reuters earlier this week.

Thailand’s 5% broken rice was quoted at $615 per ton on Thursday, down from $620 to $622 quoted last week. Traders attributed the drop to the weak baht and competition from neighbouring Vietnam, which has pushed many Thai exporters to slash prices.

There is some demand from markets such as Indonesia and the Philippines but no large size deals, a Bangkok-based trader said. Supply situation remains unchanged with some new supply of rice entering the market, the same trader said.

Published Date: March 15, 2024