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Asia rice: Tight supplies, improved demand push India rates to fresh records

Rates of parboiled rice exported from top hub India climbed to fresh record highs this week on limited supplies and slight improvement in demand, while Vietnam prices slipped as stocks build up.

India’s 5% broken parboiled variety was quoted at record $546-$554 per ton this week, up from the last week’s $542-$550.

“Demand was better this week compared to last week. Buyers are griping about the higher prices, but they don’t really have many options. Indian rice is still cheaper than rice from other places,” a Kolkata-based exporter said.

Vietnam’s 5% broken rice were offered at $625-$630 per metric ton, down from $637-$640 a week ago.

“Supplies are building up amid the harvest of the winter-spring crop, the largest harvest of the year,” a trader based in Ho Chi Minh City said.

Some traders said that they are slowing down their purchases of paddy rice from farmers in anticipation of further decline in domestic prices.

Thailand’s 5% broken rice prices was quoted at $615 per ton, slightly up from last week’s $610 per ton.

Asia rice: India rates steady at record highs

Traders attributed the price increase to the fluctuation of the local currency, while demand situation remains thin with no major deals taking place. They also noted that new supply is expected to gradually enter the market next month.

Meanwhile, Bangladesh could import 500,000 tonnes of rice in the year to June to cool domestic prices of the staple grain, officials said.

Earlier this month, the government had cut duties on rice imports to 15% from 63%.

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Published Date: February 22, 2024

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