AVN 67.60 Increased By ▲ 0.50 (0.75%)
BAFL 30.99 Decreased By ▼ -0.01 (-0.03%)
BOP 4.91 Increased By ▲ 0.01 (0.2%)
CNERGY 3.74 Decreased By ▼ -0.04 (-1.06%)
DFML 14.03 Decreased By ▼ -0.40 (-2.77%)
DGKC 41.11 Decreased By ▼ -0.74 (-1.77%)
EPCL 46.58 Increased By ▲ 0.01 (0.02%)
FCCL 11.60 Decreased By ▼ -0.09 (-0.77%)
FFL 5.03 Decreased By ▼ -0.04 (-0.79%)
FLYNG 5.85 Increased By ▲ 0.05 (0.86%)
GGL 10.34 Decreased By ▼ -0.08 (-0.77%)
HUBC 68.04 Increased By ▲ 0.04 (0.06%)
HUMNL 5.74 Decreased By ▼ -0.02 (-0.35%)
KAPCO 28.02 Decreased By ▼ -0.08 (-0.28%)
KEL 2.26 Decreased By ▼ -0.03 (-1.31%)
LOTCHEM 25.02 Decreased By ▼ -0.03 (-0.12%)
MLCF 21.45 Decreased By ▼ -0.24 (-1.11%)
NETSOL 87.66 Increased By ▲ 1.66 (1.93%)
OGDC 99.30 Increased By ▲ 6.92 (7.49%)
PAEL 11.00 Decreased By ▼ -0.09 (-0.81%)
PIBTL 4.26 Increased By ▲ 0.02 (0.47%)
PPL 81.12 Increased By ▲ 0.97 (1.21%)
PRL 13.23 Decreased By ▼ -0.41 (-3.01%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 43.85 Increased By ▲ 0.38 (0.87%)
TELE 6.12 Increased By ▲ 0.16 (2.68%)
TPLP 15.66 Decreased By ▼ -0.07 (-0.45%)
TRG 118.99 Increased By ▲ 3.98 (3.46%)
UNITY 14.01 Increased By ▲ 0.16 (1.16%)
WTL 1.23 Increased By ▲ 0.07 (6.03%)
BR100 4,171 Increased By 47 (1.14%)
BR30 15,253 Increased By 323.5 (2.17%)
KSE100 41,523 Increased By 332 (0.81%)
KSE30 15,663 Increased By 168.9 (1.09%)
Markets

Vietnam rates hit 9-year peak on supply crunch; Thai rates dip

  • Bangladesh to slash rice import duty to 25% from 62.5%.
  • Thai rice rates slip off 6-month high.
  • Vietnam's 2020 rice exports forecast to have fallen 3.5%.
Published December 31, 2020
Follow us

Dwindling supplies and continued Philippine buying lifted Vietnamese rice export prices to a fresh nine-year high this week, while rates in Thailand dipped from a multi-month peak as high prices cooled demand.

Vietnam's 5% broken rice prices edged up to $500-$505 per tonne on Thursday - the highest since December 2011 - from $500 a week ago, on thin domestic supplies.

Buyers from the Philippines are still purchasing, but with small volumes, a trader in Ho Chi Minh City said, adding that "trading activity has been slow this week due to the holidays."

Vietnam's rice exports in 2020 were forecast to have fallen 3.5% to 6.15 million tonnes, according to preliminary data from the government. Rice export revenue this year climbed 9.3% to $3.07 billion.

Thailand's benchmark 5% broken rice prices were quoted at $510-$516 per tonne on Thursday, slightly lower than $516-$520 per tonne quoted last week. Traders said demand for Thai rice has been relatively flat due to high prices.

"The supply level has been quite low so that drove up the price and the strong baht does not help the situation as demand is already weak," a Bangkok-based trader said.

In top rice exporter India, the 5 percent broken parboiled variety was quoted at $381-$387 per tonne this week, unchanged from last week, as firm demand from Asian and African countries persisted.

"Demand is good from all corners," said Nitin Gupta, vice president for the India rice business at Olam.

Bangladesh's food minister said the country is slashing its rice import duty to 25% from 62.5% and allowing private traders to import rice up to a certain level, aiming to bolster reserves and dent record prices.

The government is also finalizing a purchase of 150,000 tonnes of rice from India's NAFED, the New Delhi-based state agency, officials told Reuters.

Comments

Comments are closed.

Vietnam rates hit 9-year peak on supply crunch; Thai rates dip

FY24 budget: FBR invites proposals on income tax

AIIB chief economist briefed about state of economy

Dar inducts four new members into ‘RRMC’

Reason behind cut in PSDP disbursement identified

Rs 417bn received by KP: Cabinet decides to conduct audit

Thar coal-based power plant: COD achieved

Power breakdown of Jan 23: Senate panel directs Power Division to conduct probe

LCCI says wants ‘charter of economy’, not elections

TAPI gas pipeline: Pakistan willing to go ahead with or without India

Rs650bn collection likely: 1pc hike in ST thru ordinance on the cards