Rice export prices in India held near their lowest level in more than a year amid a slight improvement in demand, while Thailand rates rose as the Southeast Asian country sees consistent demand from its customers.

Top exporter India’s 5% broken parboiled variety was quoted at $490-$495 per ton this week, unchanged from last week when it hit its lowest since Aug. 24, 2023.

The country’s 5% broken white rice variety was quoted between $490 to $495 per ton this week.

Buyers are becoming comfortable with prices, which have stabilised after a significant drop following the government’s move to cut export duty, a Kolkata-based exporter said.

India last month cut export duty on parboiled rice to 10% and allowed exports of non-basmati white rice at a floor price of $490 per metric ton.

Thailand’s 5% broken rice rose to $525 a tonne from last week’s price of $510 due to domestic activity.

Foreign demand was coming in steadily from the same customers like Indonesia and Philippines, said a Bangkok-based trader, adding that supply has already been harvested.

Asia rice: Prices drop in top hubs as supply surges after Indian export relaxations

There could be more demand from Indonesia for the rest of the year, another trader said.

Vietnam’s 5% broken rice was offered at $537 per ton on Thursday, lower than $538 a week ago, according to the Vietnam Food Association. Prices are at their lowest since July 2023.

“Trading activity is quiet as domestic supplies are running low,” a trader based in Ho Chi Minh City said.

“India’s move to ease its export restrictions have somehow impacted the global market, but the impact on Vietnamese rice is seen as limited,” the trader added.

Rice prices in Bangladesh have gone up again this week, traders said.

Last week, officials said at least five people had died and more than 100,000 were stranded as devastating floods, triggered by heavy rains and upstream torrents, ravaged northern Bangladesh.

Published Date: October 17, 2024