Asia rice: India rates up on limited supply

BENGALURU/BANGKOK/HANOI/MUMBAI: Rice export prices in India edged up this week as supplies waned, while activity slowed across all Asian hubs heading into the Christmas holidays and the new year.

Rates for top exporter India’s 5% broken parboiled variety was quoted at $355 to $360 per tonne, up from last week’s $351-$356 range. “Rice supplies are limited right now because of a delay in milling. Demand is also weak as buyers are going on Christmas and New Year holidays,” said Nitin Gupta, vice president of Olam India’s rice business.

Exporters are focusing more on executing old contracts rather than signing new ones, Gupta added.

Meanwhile, Thailand’s 5% broken rice prices were quoted at $385-$396 per tonne on Thursday, the same as last week.

Demand has remained flat due to lack of market activities during the holiday period, traders said, adding there were no supply issues as well at present.

“There has been very little activity for both domestic and overseas markets during this end-of-year period,” a Bangkok-based rice trader said.