Indian rice prices increase on El Nino factor, but still stay competitive f.o.b basis
Indian non-basmati rice prices have risen by over US$18 per tonne in recent weeks due to El Niño concerns, but remain the most competitive on an FOB basis. Pakistani rice is competitive on a CFR basis, though limited exportable supplies are expected to keep global prices firm.
Indian non-basmati rice prices have increased over the past few weeks by over $18 per tonne in the global market due to the El Nino factor, but they are still the most competitive on a free-on-board (f.o.b) basis.
However, on a cost-and-freight (CFR) basis, Pakistani rice is competitive, though the neighbouring country has only a limited volume of the grain for shipments.
The development comes amid projections that prices of rice have slim chances of declining over the next few months due to the El Nino factor.
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Source : The Hindu Businessline
