Prices of rice exported from India fell to their lowest level in more than three years this week, pressured by subdued demand and abundant supply, while Vietnamese rates declined to a one-month low.
India’s 5% broken parboiled variety was quoted this week at $354-$362 per ton, down from the last week’s $367-$371, its lowest level since June 2022.
Indian 5% broken white rice was priced at $369 to $375 per ton this week.
Exports demand is very subdued as Indian rice is more expensive than supplies from Pakistan and Thailand, said Himanshu Agarwal, executive director at Satyam Balajee, a leading rice exporter.
India’s rice stocks in government warehouses climbed more than 14% from a year earlier to a record high for early September, official data showed on Wednesday.
Vietnam’s 5% broken rice was offered at $440-$450 per metric ton, its lowest level since August 21, down from $450-$455 a week ago, according to the Vietnam Food Association.
“Prices fell further more than two weeks after the Philippines began its 60-day import suspension, while global supplies are strong,” a trader based in Ho Chi Minh City said.
Vietnam exported 234,032 tons of rice in the first half of September, valued at $112.5 million, government customs data showed on Thursday.
India’s rice stocks hit record, wheat at four-year high
This raised Vietnam’s rice shipment in the year to Sept. 15 to 6.6 million tons, up 1.5% from a year earlier. Rice export value in the period, however, fell 17% to $3.37 billion, the Customs Department said in a report.
Thailand’s 5% broken rice hovered at $360 per tonne from a range of $355 to $365 quoted last week.
“Prices remain weak, although they could be higher, but domestic prices have softened,” a Bangkok-based trader said.
Demand was similar to last week with customers buying only what was necessary, the trader said, adding that supply this harvest period is expected to be strong due to good rainfall.
Domestic rice prices in Bangladesh remained high despite record reserves, adding pressure on consumers.
Prices have not eased even with renewed imports and bumper harvests since November last year, which pushed reserves above 2.2 million tons. Data showed they were still 15–20% higher than a year ago.
Comments
Comments are closed for this article.