Export offer price of Indian rice fell to 19-month low
Indian rice export prices have hit a 19-month low due to increased supply and a weaker rupee. Prices for 5% broken Sela rice range from $418-$428 per ton, while white rice has dropped to $395 per ton. This makes Indian rice more competitive, pressuring Vietnam and Thailand to adjust their prices accordingly.
iGrain India – The export offer price of Indian rice has fallen to its lowest level in 19 months, driven by an increase in supply and the weakening of the Indian rupee against the US dollar.
The current prices for 5% broken Indian Sela rice have dropped to between $418 and $428 per ton, compared to last week’s range of $429-$435 per ton. Similarly, the price for 5% broken white rice has decreased from $405 per ton to $395 per ton.
This price drop has made Indian rice more attractive to foreign buyers, although exporters note that importers are cautious and waiting for the market to stabilize before making further purchases.
Rice stocks in the central pool reached 609 lakh tons in early January, far exceeding the required minimum.
In contrast, rice export prices from Vietnam and Thailand have also fluctuated. Vietnam’s 5% broken rice price has decreased to $404 per ton, down from $417 two weeks ago, while Thailand’s 5% broken rice price has dropped from $450-$455 per ton to $415-$420 per ton.
Vietnam is under pressure to lower its prices due to India’s competitive pricing, and business in Vietnam has slowed due to the Lunar New Year holiday.
This pricing dynamic highlights how India’s rice export situation is impacting the global rice market, forcing other countries like Vietnam to adjust their pricing strategies.
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Source : Investing.com
