Top exporter India’s rice export prices fell to their lowest level in more than three months this week on subdued demand and ample supplies, while Thailand’s prices remained largely flat.

India’s 5 percent broken parboiled variety was quoted at $528-$536 per ton this week, down from last week’s $538-$546. Prices hit a record high of $560 last month.

“Demand is very weak from Asian and African countries. Some exporters are paying lower duties on exports and offering rice at a lower price to overseas buyers,” said an exporter based in the southern state of Andhra Pradesh.

New Delhi imposed a 20 percent export duty on parboiled rice exports in August 2023 to control domestic rice prices.

Meanwhile, Vietnam’s 5 percent broken rice was offered at $575-$580 on Thursday, unchanged from Wednesday, according to traders. Trading activity is slowing down ahead of a five-day-long holiday beginning this weekend, a trader based in Ho Chi Minh City said.

“The slowdown in purchases by domestic rice processors has put downward pressure on domestic paddy rice prices,” the trader added.

Vietnam’s markets will be closed from Monday through Wednesday for national holidays.

Thailand’s 5 percent broken rice prices were quoted between $580-$585 per ton, similar to last week’s levels of $585 per ton. Price movement was flat from Indonesian demand and a depreciating baht kept prices strong, said a Bangkok-based trader.

Published Date: April 28, 2024