Vietnam rice export rates rose to a near three-month high this week, helped by strong demand, while Indian prices languished near their lowest level in over two years as surplus supplies overshadowed a slight improvement in overseas demand.
Vietnam’s 5% broken rice was offered at $395-$400 per metric ton on Thursday. The Vietnam Food Association said last week the rice was offered at $381.
“We are seeing a rising number of vessels docking at ports in Ho Chi Minh City for rice loading as demand is strengthening,” a trader based in Ho Chi Minh City said.
The trader added that the summer-autumn harvest in the Mekong Delta, Vietnam’s largest rice-growing area, has already peaked.
India’s 5% broken parboiled variety was quoted at $375-$380 per ton, unchanged from the previous week. Indian 5% broken white rice was priced at $372 to $377 per ton this week.
“Buyers are slowly placing orders as they know a further big drop in prices is unlikely. Additionally, a weak rupee is helping exporters,” said a Kolkata-based dealer.
Asia rice: Prices in India edge up as demand improves; muted activity seen elsewhere
Thailand’s 5% broken rice fell to a range of $370 to $375 per tonne from prices quoted last week of $380 to $385, traders said, blaming weak demand.
“The demand situation is the same as before. It’s quiet,” said a Bangkok-based trader. “Production is gradually being released and prices can definitely go down further,” said the trader.
Another said that more supply was coming in August and buyers would wait until they are satisfied with a price.
Meanwhile, domestic rice prices in Bangladesh remained high despite efforts to bring down the cost of the staple grain.
The price of coarse rice, the benchmark for tracking rice prices, rose 4.55% from the previous month, selling between 55 taka and 60 taka ($0.4928) per kilogram, according to the Trading Corporation of Bangladesh.
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