Asia rice: Thai, Vietnam prices firm; India rates steady on weak rupee
- Thailand’s 5% broken rice was quoted at $390-$400 per tonne
Prices of rice exported from Thailand edged higher this week, while Vietnam rates also rose on stronger orders from key buyers; Indian prices were steady as currency depreciation offset rising paddy costs.
Thailand’s 5% broken rice was quoted at $390-$400 per tonne - its highest since December 24 - up from $380 last week.
Traders said the price increase is due to stronger domestic prices, with exporters and rice mills waiting to assess the new crop, due to come to market soon. The exchange rate also played a small role in causing price fluctuations, the trader added.
However, market demand remains subdued, with regular customers buying only small volumes, a rice trader said.
On the supply side, production is expected to be good due to favorable water conditions, traders said.
Vietnam’s 5% broken rice was offered at $360-$367 per metric ton on Thursday, compared with $360-$365 a week ago, according to traders.
Asia rice: Indian rates edge lower amid rupee depreciation, subtle demand
“Demand is stable and we are seeing more orders coming from key buyers such as the Philippines and Malaysia,” a trader based in Ho Chi Minh City said.
“We are hearing that the Philippines will buy around 300,000 tons for February delivery,” the trader added.
Preliminary shipping data showed 128,000 tons of rice is to be loaded at ports in southern Vietnam in the year to January 26, with most of the rice heading to the Philippines and Malaysia.
India’s 5% broken parboiled variety was quoted at $351-$356 per ton this week, unchanged from the last week. Indian 5% broken white rice was priced at $348 to $353 per ton.
Indian rupee fell to a record low on Thursday, increasing traders’ returns from the overseas sales.
“The rupee is helping us remain competitive in an oversupplied market, but demand is still subdued,” said a Kolkata-based exporter.
Domestic rice prices in Bangladesh remained elevated despite adequate stocks and imports, putting increased pressure on consumers.
Last week, the government allowed private traders to import 200,000 metric tons of parboiled rice to prevent any price shocks, alongside government-level rice procurement.
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