India rice prices hit three-year low on weak demand, abundant stocks

BENGALURU, HANOI, MUMBAI, BANGKOK AND DHAKA: 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 percent broken parboiled variety was quoted this week at USD354-USD362 per ton, down from the last week’s USD367-USD371, its lowest level since June 2022. Indian 5 percent broken white rice was priced at USD369 to USD375 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 14percent from a year earlier to a record high for early September, official data showed on Wednesday.