Indian rice exports edged up from a more than nine-year low this week, supported by a stronger rupee despite muted demand, while Thai prices extended declines for a sixth consecutive week, hitting an 18-year low on weak buying activity.
Very few export deals were signed in India this week, as buyers are not in a hurry to make purchases due to falling prices, said a Kolkata-based trader.
India’s 5% broken parboiled variety was quoted this week at $344-$350 per ton, up from last week’s $340-$345. Indian 5% broken white rice was priced at $360 to $370 per ton this week. Last week, prices hit their lowest since May 2016.
Thailand’s 5% broken rice was quoted at $337 per tonne, steady from $335–$340 last week, its lowest since October 2007.
Traders say demand has been flat with no major deals for Thai rice this week. Supply has also been ample which has helped maintain prices at this level, a Bangkok-based trader said.
“Slight price fluctuation now comes mainly from the exchange rate,” the trader added.
Asia rice: India rates hit three-year low on weak demand, abundant stocks
Vietnam’s 5% broken rice was offered at $420–$435 per ton on Thursday, unchanged from last week, at a near two-month low, according to the Vietnam Food Association.
“Domestic trading activity is quiet as many exporters have slowed down their purchases of paddy rice from farmers due to weak external demand,” said a trader based in Ho Chi Minh City.
This has led to a decline in the prices of fresh unhusked paddy by 200 dong to 300 dong per kg over the past few days, traders said.
Vietnam exported 201,416 tons of rice in the first half of October, down 47% from the same period last year, according to the government’s customs data.
Meanwhile, Bangladesh is importing rice to curb rising prices, buying 50,000 metric tons of white rice from Myanmar at $376.50 a ton under a government deal, and another 50,000 tons of parboiled rice through an international tender at $355.99 a ton.
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