Rice export prices from India extended declines this week to their lowest level since June 2023 due to weak demand and abundant supplies, while Vietnam rice saw increased demand.
India’s 5% broken parboiled variety was quoted at $409-$415 per tonne, down from last week’s $413-$420.
Indian 5% broken white rice was priced at $390-$400 per ton this week.
Vietnam has been aggressively selling rice in the world market, which has put pressure on prices in other countries, said a New Delhi-based dealer with a global trade house.
Vietnam’s trade ministry said on Wednesday that it would carry out a contract to export 100,000 tons of white rice to Bangladesh and promote Vietnamese rice with both new and traditional markets, state media reported.
“Supplies are plenty at the moment in Vietnam and also from other countries,” said a trader based in the Mekong Delta. “Although demand is there, prices still decreased.”
Vietnam’s 5% broken rice was offered at $389 per metric ton on Thursday, according to traders, down from $393 last week.
Asia rice: India rates hit 20-month low on weak demand, abundant stocks
In Bangladesh, domestic rice prices remain elevated, despite efforts to boost reserves through imports, placing growing strain on consumers.
Meanwhile, Thai traders said that demand has been flat and price fluctuation would depend largely on the exchange rate.
Thailand’s 5% broken rice held at $415 per tonne versus the $415-$420 price range quoted last week.
“There is no sign of any big order coming in at this stage, so prices should maintain at this level for quite sometime,” a Bangkok-based trader said.
New supply has also entered the market but has had little impact on the price, the trader added.
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