Asia rice: India prices steady near one-month high on better demand

Indian rice export prices steadied this week amid improved demand, but Vietnamese rates edged down on slow activity ahead of the Lunar New Year holiday and Thai markets remained subdued.

India’s 5% broken parboiled variety was quoted at $353-$359 per metric ton, unchanged from last week when it hit a near one month high. Indian 5% broken white rice was priced at $351-$356 per ton this week.

Demand improved a bit for India’s rice exports amid a rise in supplies.

“Demand from African countries was slightly better this week. Buyers placed orders for small quantities after waiting for a price correction,” said a Kolkata-based dealer.

Vietnam’s 5% broken rice was offered at $360-$365 per metric ton on Thursday, compared with a range of $360-$367 a week ago, according to traders.

Asia rice: India prices near one-month high on firm rupee; Thai, Vietnam rates steady

“Trading activity has slowed significantly this week ahead of the Lunar New Year holiday,” a trader based in Ho Chi Minh City said.

“We expect activity will revive after the holiday, with the Philippines still being a key buyer as its domestic output is yet to rise significantly,” the trader said.

Preliminary shipping data showed nearly 149,000 tons of rice were loaded at ports in southern Vietnam from February 1-9, with most of the rice heading to the Philippines and Africa.

Thailand’s 5% broken rice was quoted at $395 per metric ton, within the range of $390-$400 that was quoted last week.

Traders said market has been relatively subdued. There are some demands coming from the Philippines and Indonesia, mainly from regular customers buying small shipments, a Bangkok-based trader said.

Supply for this year is expected to decline, as some farmers have reduced rice planting because prices have not been very attractive, the same trader said.

Another trader said the output for the incoming off-season crop that is being harvested are expected to be at a normal level which could potentially push prices down.

Bangladesh’s domestic rice prices remain elevated despite healthy harvests and increased imports, adding further pressure on consumers.