BENGALURU/ BANGKOK/MUMBAI: Prices of rice exported from major hubs in Asia were largely stagnant this week, as demand lagged and ample supplies weighed on the market.
India’s 5percent broken parboiled variety was quoted at USD350 to USD356 per metric ton, unchanged from last week. Indian 5percent broken white rice was priced between USD347 and USD352 per ton this week.
“There is not much activity in the market. Demand remains weak as buyers are placing orders cautiously,” said a Kolkata-based rice dealer.
Vietnam’s 5percent broken rice was offered at USD360 to USD365 per ton, unchanged from two weeks ago, according to traders. “Trading activity is resuming after the holiday but we are seeing headwinds ahead, with strong global supplies and key buyer the Philippines is cutting its purchases,” said a Ho Chi Minh City-based trader, noting that the Philippines will likely cut monthly imports to 150,000 tons starting March from 400,000 tons previously.
Preliminary shipping data showed over 200,000 tons of rice loaded at ports in southern Vietnam from February 1 to 23, with most of it heading to the Philippines, Africa and South Korea.
Thailand’s 5percent broken rice was quoted at USD385 per ton, in similar range of USD383 to USD385 quoted last week. Traders say demand remains subdued, with no major deals reported for Thai rice. A Bangkok-based trader said buyers from the Philippines have shifted to Vietnamese rice due to its competitive pricing.
The trader also said that the supply situation was largely unchanged, as the market waits to assess the outcome of the new crop. Many expect overall yields to be lower this year amid forecasts of dry conditions, the trader added.
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