AIRLINK 74.85 Increased By ▲ 0.56 (0.75%)
BOP 4.98 Increased By ▲ 0.03 (0.61%)
CNERGY 4.49 Increased By ▲ 0.12 (2.75%)
DFML 40.00 Increased By ▲ 1.20 (3.09%)
DGKC 86.35 Increased By ▲ 1.53 (1.8%)
FCCL 21.36 Increased By ▲ 0.15 (0.71%)
FFBL 33.85 Decreased By ▼ -0.27 (-0.79%)
FFL 9.72 Increased By ▲ 0.02 (0.21%)
GGL 10.45 Increased By ▲ 0.03 (0.29%)
HBL 112.74 Decreased By ▼ -0.26 (-0.23%)
HUBC 137.44 Increased By ▲ 1.24 (0.91%)
HUMNL 11.42 Decreased By ▼ -0.48 (-4.03%)
KEL 5.28 Increased By ▲ 0.57 (12.1%)
KOSM 4.63 Increased By ▲ 0.19 (4.28%)
MLCF 37.80 Increased By ▲ 0.15 (0.4%)
OGDC 139.50 Increased By ▲ 3.30 (2.42%)
PAEL 25.61 Increased By ▲ 0.51 (2.03%)
PIAA 20.68 Increased By ▲ 1.44 (7.48%)
PIBTL 6.80 Increased By ▲ 0.09 (1.34%)
PPL 122.20 Increased By ▲ 0.10 (0.08%)
PRL 26.58 Decreased By ▼ -0.07 (-0.26%)
PTC 14.05 Increased By ▲ 0.12 (0.86%)
SEARL 58.98 Increased By ▲ 1.76 (3.08%)
SNGP 68.95 Increased By ▲ 1.35 (2%)
SSGC 10.30 Increased By ▲ 0.05 (0.49%)
TELE 8.38 Decreased By ▼ -0.02 (-0.24%)
TPLP 11.06 Decreased By ▼ -0.07 (-0.63%)
TRG 64.19 Increased By ▲ 1.38 (2.2%)
UNITY 26.55 Increased By ▲ 0.05 (0.19%)
WTL 1.45 Increased By ▲ 0.10 (7.41%)
BR100 7,841 Increased By 30.9 (0.4%)
BR30 25,465 Increased By 315.4 (1.25%)
KSE100 75,114 Increased By 157.8 (0.21%)
KSE30 24,114 Increased By 30.8 (0.13%)

Prices of rice exported from Vietnam and Thailand soared to their highest in more than a decade this week, as India’s export curbs sparked worries about supply of the staple. India, which accounts for 40% of world rice exports, ordered a halt to its largest export category last week to calm domestic prices, which climbed to multi-year highs in recent weeks as erratic weather threatened production.

Vietnam’s 5% broken rice prices rose to $550-$575 per metric ton - their highest since 2011, from a range of $515-$525 a week ago. “Exporters are anticipating prices to increase further after India’s move to curb its exports, and therefore it is risky for them to sign new export contracts now,” a Ho Chi Minh City-based trader said. Thailand’s 5% broken rice prices surged to an 11-year peak at $605-$610 per metric ton versus last week’s price of $545.

“Exporters were shocked over the ban pushing prices up and also, there hasn’t been additional supply,” said a Bangkok-based trader. The ban on exports of non-basmati white rice pushed prices for India’s parboiled variety to their highest in 5-1/2 years, at $445-$450 per metric ton versus $421-$428 last week, even as demand was subdued.

India imposed the ban after retail rice prices climbed 3% in a month after late but heavy monsoon rains caused significant damage to crops. “Demand is dull due to duty uncertainty following the ban on white rice exports. Exporters are cautious and not selling,” said Himanshu Agarwal, executive director at Satyam Balajee, an exporter.

Neighbouring Bangladesh, which was also struggling to cool domestic prices of the staple in domestic markets, was not planning to import the grain because of good yield and reserves, a senior official at the Food Ministry said.

Comments

Comments are closed.