BENGALURU, HANOI, MUMBAI, BANGKOK AND DHAKA: Thai export prices retreated further this week and hovered near nine-year lows, hurt by ample supplies and meager demand, while Indian prices edged up from three-year lows, supported by a slight improvement in demand.
Thailand’s 5percent broken rice was quoted at USD345 per metric ton on Thursday, its lowest since November 2016, down from the USD350 quoted last week.
Traders attributed the price drop to flat demand. Orders for Thai rice are mostly in small amounts and from regular buyers, a Bangkok-based trader said. Another said supply had been ample due to the ongoing harvest towards the tail end of the rainy season this month.
Thailand is keeping its export target at 7.5 million tons this year, a commerce ministry official said on Monday. India’s 5percent broken parboiled variety was quoted this week at USD358-USD365 per ton, up from last week’s USD354-362.
Indian 5 percent broken white rice was priced at USD369-375. Prices had hit three-year lows around mid-September, due to weak export demand and higher supplies. “Demand is a bit better than last week, as buyers seem to realise that prices have bottomed out and probably won’t drop any further,” said a New Delhi-based trader.
Vietnam’s 5percent broken rice was offered at USD440-USD465 per ton on Thursday, unchanged from a week ago, according to the Vietnam Food Association. “Trading activity remains slow due to weak global demand,” said a trader based in Ho Chi Minh City.
Traders said prices are under downward pressure after the Philippines, one of the largest importers, decided to extend an import suspension beyond 60 days. Domestic rice prices in Bangladesh remained elevated despite healthy reserves and strong harvests.
The price of coarse rice — the benchmark variety for tracking market trends — is trading between 55 and 60 taka (USD0.4538-0.4950) per kg, around 15–20 percent higher than a year ago, according to the Trading Corporation of Bangladesh.
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