MUMBAI/HANOI/ BANGKOK/BANGLADESH: Parboiled rice export prices from India fell for a fourth straight week as a recent extension of a tax on shipments from the top hub crimped demand, while fresh interest from Indonesia perked up Vietnamese rates. India’s 5% broken-parboiled rice prices fell to $495-$505 per metric ton from $510-$520 last week.
India on Oct. 13 extended a 20% export duty on parboiled rice until March 2024. Additionally, “paddy prices are declining as the new season supplies have commenced. This allows exporters to reduce export prices,” said a New Delhi-based exporter.
New Delhi is expected to cut the floor price set for basmati rice exports after farmers and exporters complained it was damaging trade, government and industry sources said. Neighbouring Bangladesh, meanwhile, backtracked on a plan to lift a ban on aromatic rice exports, officials said, as it struggled to tame high domestic prices despite good yields and reserves. Vietnam’s 5% broken rice prices rose to $640-$645 per metric ton from $625-$630 last week.
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