BENGALURU/BANGKOK/HANOI/MUMBAI/DHAKA: Export prices of rice in India were unchanged this week amid prospects of increased supplies and an appreciation in the rupee, while an increase in stocks weighed on rates in Vietnam.
Top exporter India’s 5% broken parboiled variety was quoted at $367 to $370 per tonne this week, unchanged from the last week.
“Since the government has extended subsidised food grain distribution by six months, local supplies will rise and prices will remain under pressure,” said an exporter based at Kakinada in southern state of Andhra Pradesh.
Vietnam’s 5% broken rice was offered at $400-$415 per tonne on Thursday, down from $415-$420 per tonne a week ago. “Domestic supplies are rising thanks to output from the winter-spring harvest,” a trader based in Ho Chi Minh City said, adding that quality has been affected due to prolonged rain during the harvest time.
Preliminary shipping data showed 72,000 tonnes of rice were scheduled to be loaded at Ho Chi Minh City port during the first week of April, with most of the grains were heading to the Philippines and Africa. Vietnam’s rice exports in the first quarter are estimated to have increased 24% from a year earlier to 1.475 million tonnes, raising revenue by 10.5% to $715 million.
Thailand’s 5% broken rice prices narrowed to $408-$410 per tonne this week, from $408-$412 quoted a week ago.
Overseas demand for Thai rice has been muted due to insufficient ships and high freight rates, traders said.
Prices, however, remained high on domestic demand for broken rice used for animal feed due to logistic problems with imports, a Bangkok-based rice trader said.
The supply situation remains unchanged with the new harvest entering the market this week, traders said. In Bangladesh, domestic prices of rice rose for the week, despite good crop and reserves, as inflation in February hit the highest since October 2020.
Comments
Comments are closed.