Asian rice export markets remained subdued this week with Indian and Vietnamese prices holding steady and Thai rates easing slightly on sluggish demand and rising supplies from new season harvests.
India’s 5% broken parboiled rice was quoted at $344-$350 per tone this week, unchanged from the previous week, while its 5% broken white rice was priced at $350-$360 per tone.
“Paddy harvesting is gaining momentum as weather is now dry across the country and supplies are rising,” said a Kolkata-based trader.
Vietnam’s 5% broken rice was offered at $415-$430 per ton on Thursday, unchanged from a week ago, according to the Vietnam Food Association.
Traders said a small harvest is ongoing in the Mekong Delta province, which could also exert downward pressure on prices.
Government data on Thursday showed rice exports from Vietnam in October dropped 56.2% year-on-year to 344,000 tones, while shipments for the January-October period fell 7.5% to 7.17 million tones.
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Thailand’s 5% broken rice was quoted at $338 per tones on Thursday, slightly down from $340 quoted last week.
Demand for Thai rice has been relatively muted contributing the slight price drop this week, a Bangkok-based trader said.
Another trader said that supply remains plentiful.
On Tuesday, the Thai cabinet approved a draft agreement with Singapore for the sale of 100,000 tones of rice over five years, according to government official.
Meanwhile, Bangladesh has authorized the private import of an additional 100,000 tones of rice, a food ministry official said, as the rice price stays high, following a previous approval for 500,000 tones by October 30.
The lowest price offered in a tender by Bangladesh’s state grains buyer to purchase 50,000 tones of rice, which closed on Thursday, was $355.59 per tone CIF liner out, traders said.
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