BENGALURU/MUMBAI/HANOI/BANGKOK/BANGLADESH: Rice prices rose in most Asian centers this week, with export rates for the parboiled variety in top hub India gaining on a slight improvement in demand, while increasing supplies from the new season crop capped further upside.
India’s 5% broken parboiled variety was quoted at $493-$503 per ton this week, versus last week’s $490-$500.
“Even after paying a 20% export duty, Indian rice remains cheaper than supplies from other countries. Price sensitive buyers have no choice but to buy from India,” said an exporter at Kakinada in the southern state of Andhra Pradesh.
India last month expanded curbs on rice exports with a 20% duty on parboiled rice until March 2024.
In Bangladesh, domestic prices of rice have gone up this week despite good yields and reserves, traders said, hitting consumers already battling with high inflation.
“Rice market is suddenly unstable, increased by 2 to 5 taka per kg,” a trader said. Thailand’s 5% broken rice prices was quoted at $570-$575, up from last week’s $562.
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