Vietnam rice export prices fall as Philippines pauses imports

HANOI: Vietnamese rice export prices slipped this week as a pause in imports by the Philippines weighed on the market, while Indian rates edged higher.

Vietnam’s 5 percent broken rice was offered at USD405-USD415 per metric ton on Thursday, compared with USD415-USD420 a week ago.

“Demand is weak, with the largest buyer, Philippines, suspending rice imports from Vietnam in June,” a trader based in Ho Chi Minh City said.

“We heard they will resume imports of Vietnamese rice in July, but with volume capped at around 200,000 tons.”

Meanwhile, India’s 5 percent broken parboiled variety was quoted at USD337-USD342 per ton this week, up from 335-USD340 last week.

Indian 5 percent broken white rice was priced at USD343-USD349 per ton.

“Exporters are raising prices to reflect the recent appreciation of the rupee. Despite that, demand from African countries remains strong as Indian rice is cheaper than rival origins,” a Kolkata based dealer said.

India’s rice stocks in government warehouses rose 15 percent from a year ago to a record high for the start of June, data showed on Tuesday.

Thailand’s 5 percent broken rice was quoted at USD460-USD480 per metric tone, up from last week’s USD450-USD475, traders in Bangkok said.

A trader said demand from Malaysia and the Philippines remained steady and that prices were expected to rise further. On the supply front, farmers were at the planting stage, and El Nino was expected to affect output later this year, the trader added.

Another Bangkok-based trader said that exporters were buying only what was necessary due to high prices and the strong Thai baht. Prices are now in the hands of millers, the trader said, adding that there are concerns over El Nino’s impact on the August-September off-season crop.