Asia rice: India rates rise from over 9-year low
Indian rice exports edged up from a nine-year low, supported by a stronger rupee, with 5% broken parboiled rice priced at USD344–350/ton. Thai rice hit an 18-year low at USD337/ton amid weak demand, while Vietnam’s exports fell 47% in early October. Bangladesh imported rice to curb rising domestic prices.
BENGALURU / HANOI, MUMBAI / BANGKOK / DHAKA: Indian rice exports edged up from a more than nine-year low this week, supported by a stronger rupee despite muted demand, while Thai prices extended declines for a sixth consecutive week, hitting an 18-year low on weak buying activity.
Very few export deals were signed in India this week, as buyers are not in a hurry to make purchases due to falling prices, said a Kolkata-based trader.
India’s 5 percent broken parboiled variety was quoted this week at USD344-USD350 per ton, up from last week’s USD340-USD345. Indian 5percent broken white rice was priced at USD360 to USD370 per ton this week. Last week, prices hit their lowest since May 2016.
Thailand’s 5percent broken rice was quoted at USD337 per tonne, steady from USD335–USD340 last week, its lowest since October 2007. Traders say demand has been flat with no major deals for Thai rice this week. Supply has also been ample which has helped maintain prices at this level, a Bangkok-based trader said. “Slight price fluctuation now comes mainly from the exchange rate,” the trader added.
Vietnam’s 5 percent broken rice was offered at USD420–USD435 per ton on Thursday, unchanged from last week, at a near two-month low, according to the Vietnam Food Association.
“Domestic trading activity is quiet as many exporters have slowed down their purchases of paddy rice from farmers due to weak external demand,” said a trader based in Ho Chi Minh City. This has led to a decline in the prices of fresh unhusked paddy by 200 dong to 300 dong per kg over the past few days, traders said.
Vietnam exported 201,416 tons of rice in the first half of October, down 47percent from the same period last year, according to the government’s customs data. Meanwhile, Bangladesh is importing rice to curb rising prices, buying 50,000 metric tons of white rice from Myanmar at USD376.50 a ton under a government deal, and another 50,000 tons of parboiled rice through an international tender at USD355.99 a ton.
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Source : Business Recorder
