Asia rice: Rising supplies weigh on India prices
Prices for Indian parboiled rice fell this week, with the 5% broken variety quoted at $440-$446 per metric ton, down from $444-$450. The depreciation of the Indian rupee contributed to the price drop, boosting exporters’ margins. Meanwhile, Vietnamese rice prices for the 5% broken variety decreased to $495-$508 due to concerns over reduced demand from the Philippines, which may source rice from India and Pakistan instead.
BENGALURU/MUMBAI/HANOI/BANGKOK AND BANGLADESH: Prices of parboiled rice exported from India fell this week as the rupee depreciated and supplies increased, while Vietnamese rates edged lower on fears of a potential drop in demand from the Philippines.
Top exporter India’s 5% broken parboiled variety was quoted at $440-$446 per metric ton this week, down from last week’s $444-$450. Indian 5% broken white rice was quoted at $447 to $455 per metric ton this week.
The Indian rupee hit a record low against the dollar on Thursday, effectively increasing the margins of exporters. “The rupee is depreciating rapidly, and we are adjusting prices to account for changes in the currency. Demand remains steady,” said a New Delhi-based dealer with a global trade house. Vietnam’s 5% broken rice was offered at $495-$508 per metric ton, compared with last week’s $509, according to traders and the Vietnam Food Association.
“Prices edged down further after Philippines’ Department of Agriculture signalled to buy rice from India and Pakistan,” said a trader based in the Mekong Delta region. “Trading activities in general this week are quite tame.”
The Philippines has been one of Vietnam’s biggest rice importers.
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Source : Business Recorder
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