AVN 68.50 Increased By ▲ 0.75 (1.11%)
BAFL 31.10 Increased By ▲ 0.12 (0.39%)
BOP 4.88 Increased By ▲ 0.07 (1.46%)
CNERGY 3.93 Increased By ▲ 0.17 (4.52%)
DFML 14.10 Increased By ▲ 0.12 (0.86%)
DGKC 42.67 Increased By ▲ 1.67 (4.07%)
EPCL 47.50 Increased By ▲ 0.45 (0.96%)
FCCL 12.07 Increased By ▲ 0.42 (3.61%)
FFL 5.22 Increased By ▲ 0.06 (1.16%)
FLYNG 6.27 Increased By ▲ 0.33 (5.56%)
GGL 11.24 Decreased By ▼ -0.05 (-0.44%)
HUBC 67.43 Decreased By ▼ -0.52 (-0.77%)
HUMNL 5.78 Increased By ▲ 0.08 (1.4%)
KAPCO 28.07 Increased By ▲ 0.03 (0.11%)
KEL 2.33 Increased By ▲ 0.06 (2.64%)
LOTCHEM 26.68 Increased By ▲ 0.48 (1.83%)
MLCF 22.76 Increased By ▲ 1.10 (5.08%)
NETSOL 87.60 Increased By ▲ 1.15 (1.33%)
OGDC 101.00 Increased By ▲ 0.51 (0.51%)
PAEL 11.42 Increased By ▲ 0.27 (2.42%)
PIBTL 4.24 No Change ▼ 0.00 (0%)
PPL 81.20 Increased By ▲ 0.60 (0.74%)
PRL 13.59 Increased By ▲ 0.36 (2.72%)
SILK 0.92 Increased By ▲ 0.01 (1.1%)
SNGP 44.55 Increased By ▲ 0.65 (1.48%)
TELE 6.22 Increased By ▲ 0.15 (2.47%)
TPLP 16.20 Increased By ▲ 0.35 (2.21%)
TRG 123.25 Increased By ▲ 1.67 (1.37%)
UNITY 14.16 Increased By ▲ 0.16 (1.14%)
WTL 1.34 Increased By ▲ 0.02 (1.52%)
BR100 4,234 Increased By 52.9 (1.27%)
BR30 15,417 Increased By 146.9 (0.96%)
KSE100 42,201 Increased By 477.9 (1.15%)
KSE30 15,917 Increased By 170.6 (1.08%)
Follow us

HANOI/BANGKOK/MUMBAI/DHAKA: Demand for Indian rice was robust this week as a weaker rupee made the staple more attractive than that from Thailand and Vietnam, while Bangladesh cut its import duty to cool surging domestic prices.

Bangladesh has cut the import duty on rice to 25% from 62.5%, with traders saying a huge volume will come from neighbouring India. Deadly floods have damaged large areas of crop and have caused domestic prices to spike, even though it is peak harvesting season for the country’s biggest rice crop.

While Bangladesh is the world’s third-biggest rice producer, it often requires imports to cope with shortages due to natural disasters such as cyclones and floods.

Top exporter India’s 5% broken parboiled variety was quoted at $355 to $360 per tonne, unchanged from last week. “Buyers have been giving preference to Indian rice because of lower prices. Demand is robust for 25% and 100% broken white rice,” said an exporter based at Kakinada in the southern state of Andhra Pradesh.

Thailand’s 5% broken rice prices fell to $412-$415 per tonne from $420-$425 last week. “Demand is coming in, but not in large amounts. The market is quiet - India rice prices are lower than that of Thailand,” a Bangkok-based trader said.

While the farmers are expecting a good yield this year, they are under pressure from rising costs of fertilizer, the trader added. Vietnam’s 5% broken rice was offered at $415-$420 per tonne on Thursday, compared with $418-$423 a week ago.

“Domestic supplies are building up with more output from the ongoing harvest of the summer-autumn crop,” a trader based in Ho Chi Minh City said.

Data on Wednesday showed that Vietnam’s rice exports in January-June were estimated to have risen 16.2% from a year earlier to 3.5 million tonnes, with revenue from rice exports up 4.6%.

Comments

Comments are closed.

Buyers turn to cheaper India grains, BD cuts import duty

Intra-day update: rupee maintains momentum against US dollar

IMF talks: ‘Some understanding’ reached: MoS Pasha

Intra-day update: Bullish run at PSX, KSE-100 up over 500 points

Qatar agrees to buy OGDCL, PPL shares

PM forms body to activate STZA

Primary deficit: Rs500bn waiver sought from IMF

First six months: Fiscal deficit swells to 2pc of GDP

Petrol shortage hits major cities of Punjab

New landfill sites: Govt decides to alter ICT master plan

Joint sitting of parliament: Rabbani deplores non-inclusion of terror issue in agenda