Vietnam rice export prices fall as Philippines pauses rice imports
Vietnam’s rice export prices fell to $405–$415/ton as the Philippines temporarily paused imports, while Indian prices rose slightly due to a stronger rupee and robust African demand. Thai prices increased on steady demand and El Niño concerns, while Bangladesh’s domestic rice prices remained high amid slow government procurement and weather-related supply losses.
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% broken rice RI-VNBKN5-P1 was offered at $405-$415 per metric ton on Thursday, compared with $415-$420 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% broken parboiled variety RI-INBKN5-P1 was quoted at $337-$342 per ton this week, up from 335-$340 last week.
Indian 5% broken white rice was priced at $343-$349 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% from a year ago to a record high for the start of June, data showed on Tuesday.
Thailand’s 5% broken rice RI-THBKN5-P1 was quoted at $460-$480 per metric tone, up from last week’s $450-$475, 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.
Elsewhere, domestic rice prices remained elevated in Bangladesh as government procurement from local markets progressed slowly.
Farmers and traders said heavy pre-monsoon rains that damaged more than 200,000 metric tons of rice had reduced market supplies, making farmers reluctant to sell at government-fixed procurement prices and contributing to the sluggish pace of procurement.
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Source : Philstar Global
