AIRLINK 74.29 Increased By ▲ 0.29 (0.39%)
BOP 4.95 Decreased By ▼ -0.07 (-1.39%)
CNERGY 4.37 Decreased By ▼ -0.05 (-1.13%)
DFML 38.80 Decreased By ▼ -0.40 (-1.02%)
DGKC 84.82 Decreased By ▼ -1.27 (-1.48%)
FCCL 21.21 Decreased By ▼ -0.44 (-2.03%)
FFBL 34.12 Increased By ▲ 0.11 (0.32%)
FFL 9.70 Decreased By ▼ -0.22 (-2.22%)
GGL 10.42 Decreased By ▼ -0.14 (-1.33%)
HBL 113.00 Decreased By ▼ -0.89 (-0.78%)
HUBC 136.20 Increased By ▲ 0.36 (0.27%)
HUMNL 11.90 No Change ▼ 0.00 (0%)
KEL 4.71 Decreased By ▼ -0.13 (-2.69%)
KOSM 4.44 Decreased By ▼ -0.09 (-1.99%)
MLCF 37.65 Decreased By ▼ -0.62 (-1.62%)
OGDC 136.20 Increased By ▲ 1.35 (1%)
PAEL 25.10 Decreased By ▼ -1.25 (-4.74%)
PIAA 19.24 Decreased By ▼ -1.56 (-7.5%)
PIBTL 6.71 Increased By ▲ 0.03 (0.45%)
PPL 122.10 Decreased By ▼ -0.90 (-0.73%)
PRL 26.65 Decreased By ▼ -0.04 (-0.15%)
PTC 13.93 Decreased By ▼ -0.40 (-2.79%)
SEARL 57.22 Decreased By ▼ -1.90 (-3.21%)
SNGP 67.60 Decreased By ▼ -1.90 (-2.73%)
SSGC 10.25 Decreased By ▼ -0.08 (-0.77%)
TELE 8.40 Decreased By ▼ -0.10 (-1.18%)
TPLP 11.13 Decreased By ▼ -0.10 (-0.89%)
TRG 62.81 Decreased By ▼ -2.04 (-3.15%)
UNITY 26.50 Increased By ▲ 0.25 (0.95%)
WTL 1.35 Increased By ▲ 0.01 (0.75%)
BR100 7,810 Decreased By -40.3 (-0.51%)
BR30 25,150 Decreased By -186.4 (-0.74%)
KSE100 74,957 Decreased By -250.1 (-0.33%)
KSE30 24,083 Decreased By -59.5 (-0.25%)

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.